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The Case for Higher Wages in Hard Times Pay cuts and salary freezes have become an unfortunate hallmark of the Covid-19 recession. Over seven million employees have seen their wages drop since March, and a great many others have had their pay frozen. But a handful of companies have bucked this trend and increased pay despite the economic crisis. In November, yogurt maker Chobani announced that it was raising its workers’ lowest hourly wage from $13 to $15; the floor was set at $18 in high-cost centers like New York. E-furniture retailer Wayfair followed suit last week with a $15 minimum. These and other companies present such wage hikes as enlightened capitalism a way to help employees during difficult times while also buying loyalty and goodwill that translate into higher productivity and lower turnover. It’s the latest entry in a century-old debate over whether companies can improve productivity and profits by paying their workers more. Economists refer to this possibility

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