Why wouldn't your employer be able to afford it? The general public would be getting a giant raise and can afford the higher prices introduced by your employer and your employer's industry.

Your employer will survive. The net effect will be that skilled employees will now have to restart as minimum wage employees and must fight for increases which employers are always reluctant to give. The skilled employees will get a bump, but it will be at a factor far below the current separation between minimum wage and skilled professional.