Compensation and Benefits

Small businesses prepare for bottom-line changes with new minimum wage

Small businesses prepare for bottom-line changes with new minimum wage

In anticipation of the statewide minimum wage hike next month, business owners are preparing differently for the effects on labor costs, hours and prices.

In the absence of a county minimum wage, businesses must comply with the state minimum, which will rise from $8.75 to $9.25 an hour starting July 1 as part of a three-year initiative to increase the wage. Prince George's and Montgomery counties have set higher minimum wages.

In 2014, then-Gov. Martin O'Malley signed legislation to incrementally increase the minimum wage to $10.10 by July 1, 2018. The law was meant to relieve the burden on business owners through gradual increases, while also mandating employers eventually...

73°