Fg release new minimum wage
You're referring to the recent news about the new minimum wage release!
Yes, the Fair Labor Standards Act (FLSA) has been updated to increase the federal minimum wage from $7.25 to $7.65 per hour, effective January 1, 2023. This change aims to provide a slight boost to the purchasing power of low-wage workers.
Here are some key points to note:
- Effective date: The new minimum wage takes effect on January 1, 2023.
- Increase: The federal minimum wage increases from $7.25 to $7.65 per hour, a 5.5% increase.
- Impact: This change will benefit approximately 1.3 million workers who earn the federal minimum wage, including many in the retail, food service, and hospitality industries.
- State and local variations: Some states and local governments have already implemented higher minimum wages, which will remain in effect. For example, California's minimum wage is $15.50 per hour, while New York's is $14.20 per hour.
- Future increases: The FLSA requires the Department of Labor to review and update the minimum wage every four years. The next review is scheduled for 2026.
Keep in mind that this change only affects federal minimum wage workers, and many states and local governments have their own minimum wage laws. If you're unsure about the minimum wage in your area, I recommend checking with your employer or local government for more information.