A $15 minimum wage is 'daunting'
Seattle just passed a $15 minimum wage bill, and San Francisco will vote on one in November. It's a hot topic among lawmakers around the country, and business owners are concerned.
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I'm not in the 1%
- Name: Warren DeStefano
- Business: Retro Fitness
- Location : New York City area
Warren DeStefano owns two Retro Fitness franchises: one in Queens, one in New Jersey, and one scheduled to open later this year in his hometown of Brooklyn.
The 43-year-old has 28 employees and currently pays $9 an hour, $1 more than New York State's minimum and $0.75 more than New Jersey.
New York City Council Speaker Melissa Mark-Viverito has said she's ready to hold hearings on raising the city's minimum wage to $15 an hour.
If this happens, DeStefano, who's owned the businesses for four years, said he'd have to cut employees' commission for signing up new clients from $8 to $2.
Other Retro Fitness franchisees have told him they might have to cut commissions as well.
"Out of every $100, I end up making only about $12," DeStefano said. "People think I'm in the 1%, but I'm not."
- Last updated August 05 2014 05:05 PM ET
