I was part owner of a plastics recycling plant until about 3 years ago. The business is exactly as described in terms of profit margins. Tiny. Minuscule. The balance between success and failure swung back and forth every day.
In order to be competitive with other people in the same business, we could not pay our employees substantially more than everyone else in the industry.
The wages we paid were pegged to the minimum wage. I was always happy when the minimum wage rose, because it meant I could pay more and be on a level playing field with my competitors.
I wish national politicians would get behind better pay and working conditions. Workers need it, and business leaders need it too, even if they won’t admit it.