Romney was appearing on MSNBC's Morning Joe when he said that he backs the raising of the minimum wage, just a week after Senate Republicans thwarted an attempt by Senate Democrats to raise the minimum wage to $10.10 an hour.
"I, for instance, as you know, part company with many of the conservatives in my party on the issue of the minimum wage," said Romney. "I think we ought to raise it, because frankly, our party is all about more jobs and better pay, and I think communicating that is important to us."
All Senate Republicans barring one voted against the measure even as two other former presidential hopefuls, former Minnesota Gov. Tim Pawlenty and former Sen. Rick Santorum of Pennsylvania, agreed that some kind of wage increase was needed.
Prior to becoming the Republican presidential nominee, Romney had supported raising the minimum wage but in March 2012 after facing considerable pressure from conservatives, said there was probably no need to raise wages.
Romney also laid to rest speculation that he plans to run in 2016.
"I'm not running for president in 2016," Romney said. Republicans' "best prospects for getting back the White House are with someone who has not run twice before, as I have."