New minimum wage latest news

Here are the latest news and updates on minimum wage:

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).
• 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 have also increased their minimum wages, including California, Florida, and New York.

International:

• In the United Kingdom, the National Living Wage (NLW) increased from £8.91 to £9.50 per hour on April 1, 2022, affecting over 2.5 million workers.
• In Canada, the federal minimum wage increased from $15.00 to $15.55 per hour on June 1, 2022.
• In Australia, the minimum wage increased from AU$19.49 to AU$20.33 per hour on July 1, 2022.

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, increasing GDP by 0.3% to 0.5%.
• A study by the University of California, Berkeley found that a $15 minimum wage would reduce turnover rates and increase productivity among low-wage workers.

Upcoming Changes:

• In the United States, several cities and states are considering or have already implemented increases to their minimum wages, including:
  • California: $15.50 per hour by 2023
  • New York: $15.00 per hour by 2023
  • Florida: $15.00 per hour by 2023
  • Seattle: $16.00 per hour by 2024
• In the United Kingdom, the government has announced plans to increase the National Living Wage to £10.50 per hour by 2024.

Please note that these updates are subject to change and may not reflect the most recent developments.