With benefits, the effective wage is $38.35. This is inflationary..
mishtalk.com
The law requires not only a $30 minimum wage by 2028, but also $8.35 hourly in required benefits spending.
The effective wage is $38.35, by 2028.
Los Angeles’s Olympic bid was contingent in part on having enough hotel rooms for athletes, spectators and officials. Hotels signed agreements guaranteeing a certain number of rooms at a given rate during the Games.
An Oxford Economics study on the mandate found that 15,000 hospitality and construction jobs would be eliminated, with $342 million in construction spending halted and nearly $170 million in tax revenue lost.
Those agreements are now at risk: Eight hotels have said they will pull out of the room plan, citing the unworkable economics of the new minimum-wage law. A hotel development that would have created 395 rooms for the Olympics was canceled. More-severe consequences are expected.