Latest on new minimum wage

Here's an update on the latest developments regarding minimum wage laws in the United States and around the world:

United States:

• The federal minimum wage in the United States is currently $7.25 per hour, which has been in effect since 2009.
• In 2020, the Democratic-controlled House of Representatives passed the Raise the Wage Act, which would have gradually increased the federal minimum wage to $15 per hour by 2025. However, the bill did not pass the Republican-controlled Senate.
• In 2021, President Joe Biden signed an executive order increasing the minimum wage for federal contractors to $15 per hour, effective January 2022.
• Several states and cities have implemented higher minimum wages, including:
  • California: $14 per hour (2022)
  • New York: $14.20 per hour (2022)
  • Massachusetts: $15 per hour (2022)
  • Washington, D.C.: $15.20 per hour (2022)
  • Seattle, Washington: $16.39 per hour (2022)

International:

• Many countries have implemented higher minimum wages than the United States. Here are a few examples:
  • Canada: $15.00 per hour (2022)
  • United Kingdom: £9.50 per hour (2022) (approximately $12.50 USD)
  • Australia: AU$19.49 per hour (2022) (approximately $13.50 USD)
  • Germany: €9.35 per hour (2022) (approximately $11.20 USD)
  • France: €10.03 per hour (2022) (approximately $12.20 USD)
• Some countries have implemented a living wage, which is a higher wage that is designed to ensure that workers can afford a decent standard of living. For example:
  • Costa Rica: ₡1,144,000 per month (approximately $1,800 USD)
  • South Africa: R3,500 per month (approximately $240 USD)

Recent developments:

• In 2022, the International Labor Organization (ILO) called on governments to increase the minimum wage to at least $12 per hour to ensure a decent standard of living for workers.
• In 2022, the Economic Policy Institute (EPI) released a report arguing that a $15 per hour minimum wage would benefit the economy and reduce income inequality.
• In 2022, the Federal Reserve Bank of San Francisco released a report arguing that a higher minimum wage could help reduce poverty and income inequality.

It's worth noting that the minimum wage is just one aspect of a broader debate about income inequality and the role of government in regulating the economy.