A fight between fast-food chains and unions in California is over, for now – what to know
Publishing timestamp: 2023-09-15 13:35:28
Summary
The California minimum wage for fast-food workers is set to rise to $20 per hour starting in April 2022. This pay hike is part of a compromise deal between the restaurant industry and labor groups over controversial legislation. The deal also establishes a nine-person council that will have the authority to raise the minimum wage annually for affected businesses from 2025 to 2029. The agreement ends a fight between the two sides that could have stretched out for years and avoids a referendum on the matter. While the deal protects local restaurant owners and avoids some potential negative consequences, fast-food operators will still have to cope with paying higher wages and may need to make adjustments to deal with elevated labor costs.
Sentiment: MIXED
Tickers: AMZN, QSR-CA, WMT, QSR, CMG, MCD, DPZ, YUM, TGT,
Keywords: domino's pizza inc, california, lifestyle, restaurant brands international inc, business news, restaurants, walmart inc, gavin newsom, business, politics, retail industry, mcdonald's corp, breaking news: business, chipotle mexican grill inc, breaking news: politics, labor economy, amazon.com inc, yum! brands inc, target corp, personnel,
Source: https://www.cnbc.com/2023/09/15/california-fast-food-minimum-wage-deal-what-to-know.html