Latest news on national minimum wage
Here are the latest updates on the national minimum wage in the United States:
Current Minimum Wage: The federal minimum wage in the United States is $7.25 per hour, which has been in effect since July 24, 2009.
Proposed Increases: There have been several proposals to increase the minimum wage in recent years. In 2020, the House of Representatives passed the Raise the Wage Act, which would have gradually increased the minimum wage to $15 per hour by 2025. However, the bill did not pass the Senate.
State-by-State Minimum Wage Increases: Many states have increased their minimum wages above the federal level. As of January 2023, 30 states and the District of Columbia have a minimum wage higher than the federal minimum wage. Some states have also implemented automatic cost-of-living adjustments (COLAs) to their minimum wages.
Recent Developments:
- In March 2022, the Biden administration announced a proposal to increase the minimum wage to $15 per hour for federal contractors.
- In April 2022, the Senate passed the American Rescue Plan Act, which included a provision to increase the minimum wage to $15 per hour for federal contractors.
- In June 2022, the House of Representatives passed the Build Back Better Act, which included a provision to increase the minimum wage to $15 per hour for all workers, but the bill did not pass the Senate.
- In August 2022, the Federal Reserve Bank of San Francisco published a study suggesting that a $15 minimum wage could lead to a 1.5% increase in the national unemployment rate.
Upcoming Developments: The minimum wage is expected to be a topic of discussion in the 2023 legislative session. Some lawmakers have introduced bills to increase the federal minimum wage, and there may be additional proposals in the coming months.
Key Quotes:
- "Raising the minimum wage is a matter of economic justice and fairness. It's time for Congress to take action and ensure that all workers are paid a living wage." - Senator Bernie Sanders (I-VT)
- "A $15 minimum wage would be a disaster for small businesses and the economy as a whole. It would lead to job losses and higher prices for consumers." - Senator John Cornyn (R-TX)
Sources:
- National Conference of State Legislatures (NCSL)
- Federal Reserve Bank of San Francisco
- Congressional Research Service
- The Hill
- Bloomberg Law