Latest news on the minimum wage

Here are some of the latest news and updates on the minimum wage:

United States:

• On January 1, 2022, the federal minimum wage increased from $7.25 to $7.25 per hour, as required by the Fair Labor Standards Act (FLSA). However, this increase was not a result of a new law, but rather a continuation of the existing minimum wage.
• In March 2022, the Biden administration proposed a new minimum wage of $15 per hour for federal contractors, which would affect over 400,000 workers.
• Several states and cities have implemented or are considering increasing their minimum wages. For example:
  • California: The minimum wage increased to $15.50 per hour on January 1, 2022, and will continue to increase to $18.00 per hour by 2026.
  • New York: The minimum wage increased to $14.20 per hour on December 31, 2021, and will continue to increase to $15.00 per hour by 2023.
  • Seattle: The minimum wage increased to $16.39 per hour on January 1, 2022, and will continue to increase to $18.00 per hour by 2025.

International:

• In the United Kingdom, the National Living Wage (NLW) increased to £9.50 per hour (approximately $12.50 USD) on April 1, 2022, for workers aged 23 and over.
• In Australia, the minimum wage increased to AU$20.33 per hour (approximately $14.50 USD) on July 1, 2022, for adult workers.
• In Canada, the federal minimum wage remains at $15.00 per hour, but some provinces have implemented higher minimum wages. For example, Ontario's minimum wage increased to $15.50 per hour on January 1, 2022.

Proposed legislation:

• The Raise the Wage Act, a bill introduced in the US House of Representatives in January 2022, would gradually increase the federal minimum wage to $15.00 per hour by 2025.
• The Fair Minimum Wage Act, a bill introduced in the US Senate in March 2022, would increase the federal minimum wage to $15.00 per hour by 2024.

Economic impact:

• A study by the Economic Policy Institute (EPI) found that increasing the federal minimum wage to $15.00 per hour could lift the wages of over 30 million workers and reduce poverty by 4.5 million people.
• Another study by the Federal Reserve Bank of San Francisco found that a $15.00 per hour minimum wage could lead to a 1.5% increase in GDP and a 1.2% increase in employment.

These are just a few of the latest news and updates on the minimum wage. The debate around minimum wage continues to be a contentious issue, with proponents arguing that it would help reduce poverty and inequality, and opponents arguing that it could lead to job losses and economic instability.