Latest news on new minimum wage

Here are some of the latest news and updates on minimum wage laws in the United States and around the world:

United States:

• On January 1, 2022, the federal minimum wage in the United States increased from $7.25 to $7.25 per hour, as required by the Fair Labor Standards Act (FLSA). However, some states and cities have higher minimum wages.
• In March 2022, the Biden administration proposed a new minimum wage of $15 per hour for federal contractors, which would affect millions of workers.
• Several states, including California, New York, and Massachusetts, have implemented or are considering increasing their minimum wages to $15 per hour or higher.

State-by-State Updates:

• California: The minimum wage in California increased to $15.50 per hour on January 1, 2022, and will continue to rise to $18.00 per hour by 2026.
• New York: The minimum wage in New York increased to $14.20 per hour on December 31, 2021, and will continue to rise to $15.00 per hour by 2023.
• Massachusetts: The minimum wage in Massachusetts increased to $15.00 per hour on January 1, 2022, and will continue to rise to $16.00 per hour by 2023.

International Updates:

• Canada: The minimum wage in Ontario, Canada's most populous province, increased to $15.00 per hour on January 1, 2022.
• United Kingdom: The minimum wage in the UK increased to £9.50 (approximately $12.50 USD) per hour on April 1, 2022.
• Australia: The minimum wage in Australia increased to AU$20.33 (approximately $14.50 USD) per hour on July 1, 2022.

Recent Research and Studies:

• A study by the Economic Policy Institute (EPI) found that a $15 per hour minimum wage would lift the wages of over 30 million workers in the United States and reduce poverty and income inequality.
• A study by the Federal Reserve Bank of San Francisco found that a higher minimum wage can lead to increased economic growth and reduced income inequality.

Upcoming Developments:

• The Biden administration has proposed a new budget that includes a provision to increase the federal minimum wage to $15 per hour by 2025.
• Several states, including Florida, Texas, and Arizona, are considering ballot initiatives to increase their minimum wages to $15 per hour or higher.

Please note that these updates are subject to change and may not reflect the most recent developments. It's always a good idea to check with reliable sources, such as government websites or reputable news organizations, for the most up-to-date information on minimum wage laws and regulations.