TGI Fridays CEO says ending the tipped minimum wage would result in higher prices, fewer hours for waitstaff – CNBC
TGI Fridays CEO Ray Blanchette said that President Joe Biden’s proposal to eliminate the tipped minimum wage would likely result in fewer hours for the chain’s waitstaff and higher menu prices.
Biden has proposed raising the federal hourly minimum wage from $7.25 to $15 and eliminating tip credits, a change that would primarily affect the restaurant industry. The changes would mean that employers would have to pay every worker at least $15 an hour, even if they receive tips.
In 43 states, employers…