New government minimum wage
The minimum wage is the lowest amount of money that an employer is legally required to pay an employee for a certain period of time, usually an hour. The minimum wage is set by the government and is intended to ensure that all workers earn a fair and decent wage for their labor.
In the United States, the federal minimum wage is currently $7.25 per hour, which has been the same since 2009. However, some states and cities have set their own minimum wages, which are higher than the federal minimum wage.
Here are some of the latest developments on the minimum wage:
Federal Minimum Wage:
- The federal minimum wage has been stuck at $7.25 per hour since 2009.
- There have been several attempts to increase the federal minimum wage, but none have been successful.
- In 2020, the Democratic-controlled House of Representatives passed a bill to increase the federal minimum wage to $15 per hour, but it did not pass the Republican-controlled Senate.
State and Local Minimum Wages:
- Many states and cities have set their own minimum wages, which are higher than the federal minimum wage.
- As of 2022, 30 states and the District of Columbia have a minimum wage higher than the federal minimum wage.
- Some cities, such as Seattle and San Francisco, have set their own minimum wages, which are even higher than the state minimum wage.
Recent Changes:
- In 2020, California increased its minimum wage to $14 per hour for employers with 26 or more employees.
- In 2020, New York increased its minimum wage to $12.50 per hour for employers with 11 or more employees.
- In 2020, Florida increased its minimum wage to $8.65 per hour.
Proposed Changes:
- The Biden administration has proposed increasing the federal minimum wage to $15 per hour.
- Some lawmakers have proposed indexing the federal minimum wage to inflation, so that it increases automatically over time.
- Some cities and states are considering increasing their minimum wages to $15 per hour or higher.
It's worth noting that the minimum wage is just one aspect of a broader debate about income inequality and the cost of living. Many experts argue that a higher minimum wage could help reduce poverty and income inequality, while others argue that it could lead to job losses and higher prices for consumers.