EDITOR\u2019S NOTE: <\/em>This Daily Poster report is being co-published with <\/em>Newsweek.<\/em><\/p>\n\n\n\n Photo credit: Erik McGregor\/Getty Images<\/p>\n\n\n\n This report was written by Julia Rock and Andrew Perez.<\/em><\/p>\n\n\n\n As corporate lobbying groups in Washington fight plans for a $15 minimum wage and warn lawmakers it’s not the right time to make companies pay their workers more, big restaurant chains are telling investors a national minimum wage hike wouldn\u2019t be a big deal. <\/p>\n\n\n\n \u201cWe share your view that a national discussion on wage issues for working Americans is needed \u2014 but the Raise the Wage Act is the wrong bill at the wrong time for our nation\u2019s restaurants,\u201d the National Restaurant Association (NRA) wrote<\/a> in a letter to congressional leaders in February. \u201cThe restaurant industry and our workforce will suffer from a fast-tracked wage increase and elimination of the tip credit.\u201d<\/p>\n\n\n\n The following day, a top executive at Denny\u2019s, one of the association\u2019s members<\/a>, told investors that gradual increases in the minimum wage haven\u2019t been a problem for the company at all. In fact, California\u2019s law raising the minimum wage to $15 by 2023 has actually been good for the diner chain\u2019s business, according to Denny\u2019s chief financial officer, Robert Verostek.<\/p>\n\n\n\n \u201cAs they’ve increased their minimum wage kind of in a tempered pace over that time frame, if you look at that time frame from us, California has outperformed the system,\u201d Verostek said on an earnings call in February. \u201cOver that time frame, they had six consecutive years of positive guest traffic \u2014 not just positive sales, but positive guest traffic \u2014 as the minimum wage was going up.\u201d <\/p>\n\n\n\n Denny\u2019s is one of several publicly-traded restaurant chains whose executives have told investors in recent months that Democrats\u2019 proposed minimum wage hike is not a real threat to their business and may even be a net positive, according to a Daily Poster<\/em> review of corporate earnings calls. All of the companies have historically<\/a> belonged<\/a> to the NRA, which has led the fight against the Raise the Wage Act, legislation from Democrats that would gradually increase the minimum wage to $15 by 2025.<\/p>\n\n\n\n Click here to read <\/a><\/strong><\/em>The Daily Poster<\/a><\/strong>\u2019s full report at <\/a><\/strong><\/em>Newsweek<\/a><\/strong>.<\/a><\/strong><\/em><\/p>\n\n\n\n This newsletter relies on readers pitching in to support it. If you like what you just read and want to help expand this kind of journalism, consider becoming a paid subscriber by clicking this link<\/a>.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" While restaurant lobbyists tell lawmakers it\u2019s the \u201cwrong time\u201d for a wage hike, companies they represent are telling investors they can afford to pay higher wages. Julia Rock\u00a0and\u00a0Andrew Perez April 5, 2021 (The Daily Poster) EDITOR\u2019S NOTE: This Daily Poster report is being co-published with Newsweek. Photo credit: Erik McGregor\/Getty Images This report… Continue reading ![\"\"](\"http:\/\/occupysf.net\/wp-content\/uploads\/2021\/04\/Poster1.png\")
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