This study published in the Harvard Business Review by three economists demonstrates that when companies are forced to pay wages higher than the market price (e.g. minimum wage laws), they will adjust other labor factors to compensate. In fact their conclusion is that the higher minimum wage results in lower worker compensation.
in the stores that experienced a minimum wage
hike, workers on average worked fewer hours per week, were less likely to
qualify for benefits, and had less-consistent schedules. These factors
corresponded to an average 11.6% decrease in total compensation for every $1
increase in the minimum wage.
https://hbr.org/2021/06/research-when-a-higher-minimum-wage-leads-to-lower-compensation
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