Minimum wage news update

Here's a recent update on minimum wage news:

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, this increase was not a result of a new law, but rather a continuation of the existing minimum wage rate.
• 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 plan to implement higher minimum wages, including:
  • California: $15 per hour for employers with 26 or more employees, effective January 1, 2022.
  • New York: $15 per hour for employers with 11 or more employees, effective December 31, 2022.
  • Massachusetts: $15 per hour for employers with 6 or more employees, effective January 1, 2022.
  • Washington, D.C.: $15 per hour for employers with 6 or more employees, effective July 1, 2022.

International:

• In the United Kingdom, the National Living Wage (NLW) increased from £8.91 to £9.50 per hour on April 1, 2022, affecting workers aged 23 and over.
• In Canada, the federal minimum wage increased from $15.00 to $15.55 per hour on June 1, 2022, affecting workers in provinces without their own minimum wage laws.
• In Australia, the national minimum wage increased from AU$19.49 to AU$20.33 per hour on July 1, 2022, affecting workers in the retail, hospitality, and other industries.

Recent Research and Studies:

• A study by the Economic Policy Institute (EPI) found that increasing the federal minimum wage to $15 per hour would lift the wages of over 30 million workers and reduce poverty by 4.5 million people.
• A study by the Federal Reserve Bank of San Francisco found that a $15 minimum wage would have a positive impact on the economy, including reducing income inequality and increasing economic growth.
• A study by the University of California, Berkeley found that cities and states that have implemented higher minimum wages have seen significant increases in employment and economic activity.

Upcoming Developments:

• The U.S. House of Representatives is expected to vote on the Raise the Wage Act, which would gradually increase the federal minimum wage to $15 per hour by 2025.
• Several states, including Florida, Ohio, and Arizona, are considering ballot initiatives to increase their minimum wages.
• The International Labor Organization (ILO) is expected to release a new report on the global minimum wage, which will provide an update on minimum wage trends and policies around the world.