Paxchex CEO Expects Lowest Wage Earners to See Biggest Increases

The video discusses wage gains in lower income jobs, highlighting that these workers are seeing the largest increases due to minimum wage hikes. It also covers the impact of tax reform, which resulted in a 5% net pay increase for the average person in 2018. Additionally, the video addresses the hiring challenges faced by small businesses, which struggle to find trained laborers due to limited resources and benefits compared to larger companies.

What was the primary reason for the wage gains observed in lower-income jobs?

• Reduction in working hours

• Increase in minimum wage

• Higher demand for luxury goods

• Decrease in taxes

What percentage increase did the lowest wage earners experience?

• 6%

• 5%

• 3.5%

• 2%

What was the average net pay increase in 2018 due to tax reforms?

• 7%

• 5%

• 3.5%

• 2%

What is the main issue small businesses face in hiring?

• Excessive competition

• Lack of office space

• Limited work hour flexibility and benefits

• High employee turnover

Why have some small businesses declined taking on new work?

• Regulatory challenges

• Lack of demand

• Inability to find suitable employees

• Increased operational costs