Missouri voters approve minimum wage increase
Some workers in the Show-Me State could see bigger paychecks in the future.
Missouri voters approved Proposition B, which raises the minimum wage.
Missourians currently earn a minimum wage of $7.85 an hour. Come January, that amount will jump to $8.60 and will continue to rise over the next five years.
Hannibal Chamber of Commerce Executive Director McKenzie Disselhorst believes the wage increase will affect each business differently.
"In some ways there may be more costs to be passed along because of increased labor costs," Disselhort said. "In other ways, there may be more money in the community circulating from those higher wages."
That effect could be minimal.
"Many of our businesses are already paying more than minimum wage even for some of those entry-level positions," Disselhorst said. "The workforce market is so competitive these days to retain and even recruit those employees initially."
Or could potentially raise prices.
"You may see some increases down the road as far as pricing with just the supplies," Disselhorst said. "If they have suppliers that were paying minimum wage. That may show some affect over time. I think we'll have to see what impact that really has down the road when it's implemented."
By 2023, the state's minimum wage will reach $12 an hour.