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re: Fun fact about Gavin's $20 minimum wage policy....
Posted on 3/1/24 at 7:53 am to pankReb
Posted on 3/1/24 at 7:53 am to pankReb
Let me introduce you to some labor math. At 20 dollars hour and a minimum of 4 workers on the clock is 80 dollars an hour in labor costs alone with all workers making the same. Some restaurants use 16% as labor percentage goal to stay profitable.
A restaurant would need to make 500 dollars an hour to be considered profitable.
Many moons ago when minimum wage was 5.25 an hour, and I might have been making 7 dollars hour because I was a manager at a McDonalds, the only times we made over 500 dollars an hour was during a lunch rush or evening rush after a football game. Of course Big Macs combos were still under 4 or 5 dollars. With 4 workers, back in the early 2000’s a restaurant would need to make a little over 150 an hour to stay below that labor percentage. So based on the numbers back then and today Big Mac combos would need to be priced higher than 13 dollars if you are basing it on labor. But with all other California regulations and requirements that 13 could be easily over 15 or 20 dollars.
A restaurant would need to make 500 dollars an hour to be considered profitable.
Many moons ago when minimum wage was 5.25 an hour, and I might have been making 7 dollars hour because I was a manager at a McDonalds, the only times we made over 500 dollars an hour was during a lunch rush or evening rush after a football game. Of course Big Macs combos were still under 4 or 5 dollars. With 4 workers, back in the early 2000’s a restaurant would need to make a little over 150 an hour to stay below that labor percentage. So based on the numbers back then and today Big Mac combos would need to be priced higher than 13 dollars if you are basing it on labor. But with all other California regulations and requirements that 13 could be easily over 15 or 20 dollars.
This post was edited on 3/1/24 at 9:03 am
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