Retailers are relieved that the minimum wage increase has been limited to 2%, Retail NZ Chief Executive Carolyn Young says.
“Our latest Retail Radar quarterly survey of Retail NZ members, released yesterday, shows that wage increases are one of the major concerns for retailers right now,” Ms Young says.
“During these challenging economic times, every cost increase has to be passed on to consumers. So it is a relief that the Government has announced the adult minimum wage rate will increase by only 2% to $23.15 an hour from 1 April 2024.”
Retail NZ wrote to Workplace Relations and Safety Minister Brooke van Velden before Christmas, asking her to restrain minimum wage increases to enable retailers to set a level that is more sustainable.
“We are pleased that Minister van Velden has listened to us and recognised the pressures that retailers are under,” Ms Young says.