FFC Supports Ending the Subminimum WageApril 15, 2023
Friends Fiduciary has signed on to an investor statement in support of ending payment of the subminimum wage to all employees. Subminimum wages are wages in which employees are paid less than the federal or state mandated minimum wage. Tipped workers are the largest group of workers paid a subminimum wage with wages as low as $2.13 per hour. Subminimum wages uphold systemic racism with black women earning 60% of what white male counterparts earn. Subminimum wage also increases women’s exposure to sexual harassment with workers with a guaranteed wage reporting sexual harassment at half the rate of tipped workers earning subminimum wage. By paying at least minimum wage companies not only mitigate risk, but inspire brand loyalty as well as increase profits, employment growth, and organizational growth.