Today the minimum wage in Virginia goes up to $9.50, a 31% increase. On January 1 it will increase again to $11.
The minimum wage increase was passed by the Democrat-controlled General Assembly last year and was originally scheduled to take effect on Jan. 1, 2021, but the state delayed the increase until May 1 to give businesses more time for pandemic recovery.
Economic research consistently finds that businesses pass minimum-wage costs on to their customers through price increases. Most minimum-wage employees work for small firms in competitive markets. These companies have small profit margins. They can only pay higher wages if they raise prices. Customers—not business owners—pay that cost. – Heritage Foundation