INDEPENDENT NEWS

Moderation Welcomed

Published: Thu 1 Feb 2024 03:34 PM
BusinessNZ has welcomed the moderate approach to setting the latest rise in the minimum wage.
The Government has signalled a two percent rise in the minimum wage rate, given headwinds currently facing the NZ economy.
BusinessNZ Chief Executive Kirk Hope said the Government’s cautious approach to minimum wage-setting takes into account the inflationary pressures and general economic conditions that businesses are grappling with.
"Minimum wage increases coming too hard and too fast tend to impact very heavily on business, especially if they are unable to pass on their increased costs," Mr Hope said.
"Small businesses in particular will be relieved to see the moderation in this latest rise.
"The significant increases introduced since 2017 have brought the minimum wage very close to the level of the median wage, at significant stress to small businesses."
BusinessNZ’s briefing to the incoming government called for minimum wage-setting to be moderate, stable and predictable.

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