- Congressional Democrats have written a letter to McDonald's (MCD -0.9%), Burger King (BKW -0.6%), Yum! Brands (YUM +0.1%), Wendy's (WEN -1%), and Domino's Pizza (DPZ +0.7%) management urging the restaurateurs to raise wages for store workers. "Too many hard-working families are being forced to depend on poverty-level wages," the letter, which was signed by 53 members, reads.
- The moves comes as fast-food workers in over 100 cities plan to strike for $15/hour pay tomorrow. President Obama has voiced support for a pending bill that would raise the minimum wage to $10.10/hour from $7.25 and index it to inflation.
- If steam gets behind the movement, fast-food operators could experience significant margin pressure. Employee expenses represented 25.6% of sales at McDonald's in the 9 months ended Sept. 30, for instance, already up from 25.2% in the comparable period in 2012.
Congressional Democrats pen letter urging higher wages for fast food workers
Dec 4 2013, 15:14 ET