Back in 2006, Ohio voters approved the Minimum Wage Increase Amendment. This bill requires the state to adjust the minimum wage each year to make up for inflation. In 2023, there was a minimum wage increase. The question is, was the 2023 raise enough to cater to the needs of those grappling with poverty?

In our opinion, the raise is adequate for Ohio residents. It’s just enough to support low-wage employees and their families. And, it’s not too high that it puts individuals’ jobs at risk.

Although this increment may seem negligible, it has profoundly affected Ohioans. In particular, it has enabled many families, which were previously living below poverty levels, to improve their living conditions. The poverty rate in Ohio is at 13%, which is much higher than the national rate of 11.8%. With the 2023 minimum wage increase, many now could afford to pay for their living expenses.

A secondary benefit that this wage raise brought was independence. Paying hard-working Ohioans decent salaries has eased the burden on the state government. In other words, more people have managed to cater to their basic needs; hence, they rely less on financial aid provided by the state and federal governments. 

The increase in the minimum wage has not benefited low-paid workers only. Businesses, too, have benefited massively. With an increase in salary, both low and middle-income earners can afford to buy one or two items they couldn’t purchase before. This increase in purchasing power means higher revenues and profits for businesses selling the respective goods. 

Another way companies have profited from doing with employees’ work ethics. Increasing employees’ wages motivate them to work harder. Ohioans who are paid decent salaries are also absent from work less. These aspects translate to higher productivity and, subsequently, increased revenue for the firm. 

Besides, increasing workers’ salaries have reduced their chances of leaving their current jobs for one reason or another. This is good news for Ohio business owners as it’s enabled them to save money they would otherwise spend on training and recruiting new employees. The 2023 increase was sufficiently enough for Ohioans at this time.