News on national minimum wage

Here are some recent news updates on the national minimum wage in the United States:

Latest Development:

• On January 28, 2021, President Joe Biden signed an executive order increasing the minimum wage for federal contractors to $15 per hour. This change will affect over 300,000 workers employed by federal contractors.

Previous Updates:

• In December 2020, the House of Representatives passed the Raise the Wage Act, which would gradually increase the federal minimum wage to $15 per hour by 2025. The bill is still pending in the Senate.
• In July 2020, the Democratic-controlled House of Representatives passed a bill to increase the federal minimum wage to $15 per hour by 2025. The bill was met with opposition from Republicans and was not taken up by the Senate.
• In January 2020, the federal minimum wage was increased to $7.25 per hour, where it has remained since 2009.

State-by-State Developments:

• California: In 2020, California increased its minimum wage to $14 per hour for employers with 26 or more employees. The state is set to reach a minimum wage of $15 per hour in 2022.
• New York: In 2020, New York increased its minimum wage to $12.50 per hour for employers with 11 or more employees. The state is set to reach a minimum wage of $15 per hour in 2023.
• Florida: In 2020, Florida voters approved a ballot initiative to increase the minimum wage to $15 per hour by 2026.

Impact on Low-Income Workers:

• A study by the Economic Policy Institute found that increasing the federal minimum wage to $15 per hour would lift the wages of over 30 million workers, including 22 million women and 12 million people of color.
• A study by the Center for American Progress found that increasing the federal minimum wage to $15 per hour would reduce poverty and income inequality, and would have a positive impact on the overall economy.

Opposition and Concerns:

• Some business owners and employers have expressed concerns that increasing the minimum wage could lead to job losses and higher prices for consumers.
• Some economists have argued that increasing the minimum wage could have unintended consequences, such as reducing the number of low-wage jobs available.

Overall, the national minimum wage has been a topic of debate in the United States for many years, with proponents arguing that it is necessary to ensure a living wage for low-income workers and opponents arguing that it could have negative consequences for the economy and job market.