“An increase in Illinois’ minimum wage is long overdue to keep up with the rising cost of living, and the plan I supported increases wages over a five-year period in a fair and balanced way,” Connor said. “As economists have pointed out based on studies of California and New York, workers take that extra money and spend it at local businesses, generating billions in new consumer spending statewide.”
Connor worked to pass Senate Bill 1, which phases in a minimum wage increase over the course of five years to $15 an hour. Balancing the needs of small business owners with working families’ need for fair pay, the measure offers 80 percent of Illinois businesses a tax credit to help offset the employers’ costs of paying higher wages. According to the Illinois Economic Policy Institute, a $15 per hour minimum wage will generate nearly $20 billion in economic activity and provide families with an additional $5,000 in income each year.
“We need to make Illinois a more attractive place to live and work, and this bill is part of that process,” Connor said. “Gradually raising the wage will consistently pump money back into the economy, which will lead to more job opportunities and higher wages down the road.”