Reply to $20 minimum wage for fast food workers in California….thoughts?

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Reply to "$20 minimum wage for fast food workers in California….thoughts?"

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[quote=Anonymous]https://www.businessinsider.com/fast-food-isnt-cheap-anymore-2023-11?amp

https://investorplace.com/2024/03/3-fast-food-restaurants-planning-to-hike-prices-to-offset-new-20-minimum-wage/

California increased the minimum wage for fast-food workers to $20 per hour on April 1, potentially prompting higher restaurant prices. The new law also establishes a fast-food council authorized to annually adjust wages by up to 3.5% based on inflation. California’s minimum wage is $16 hourly, surpassing the federal rate of $7.25.

Fast-food restaurants intend to raise menu prices to counterbalance the increased wages. According to Jon Tower, a Citi analyst specializing in restaurants, these higher prices, ranging from 5% to low-double-digits, may deter some customers, potentially resulting in reduced foot traffic.

That said, three fast-food chain restaurants came forward with the idea that price hikes might soon be happening to their menus to cope with the $20 minimum wage increase.

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