“I’m not concerned,” CEO Fred DeLuca said on Wednesday when CNBC asked him about minimum wage hikes. “Over the years, I’ve seen so many of these wage increases. I think it’s normal. It won’t have a negative impact hopefully, and that’s what I tell my workers.”DeLuca’s support is noteworthy in part because of the size of his business. Subway has the most locations of any fast food chain. While a majority of small business owners support a $10.10 wage hike, major corporations of that scale typically oppose raising wages.DeLuca had previously warned that raising the minimum wage too rapidly would be a “bad idea” that could damage businesses, while acknowledging that “minimum-wage workers deserve to make more.” At the time that he offered that warning in 2013, President Obama was proposing a minimum wage hike from $7.25 to $9 an hour. Since then, Obama has joined congressional progressives in calling for a $10.10 hourly minimum, which would nearly recoup the purchasing power low-wage workers have lost to inflation over the past 40 years.
CEO Of Biggest Fast Food Chain Comes Out In Favor Of A Minimum Wage Increase – Democratic Underground
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