The latest news on minimum wage

Here are some of 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). However, some states and cities have higher minimum wages.
• 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.
• In April 2022, a bill was introduced in Congress to raise the federal minimum wage to $15 per hour by 2025, but it has not yet been passed.

State and Local Minimum Wages:

• As of January 1, 2022, 30 states and the District of Columbia have minimum wages higher than the federal minimum wage. Some notable state and local minimum wages include:
  • California: $15.00 per hour
  • New York: $14.20 per hour (up to $15.00 per hour in New York City)
  • Massachusetts: $14.25 per hour
  • Washington, D.C.: $15.00 per hour
  • Seattle, Washington: $16.39 per hour
  • San Francisco, California: $16.32 per hour

International Minimum Wages:

• In the European Union, the minimum wage varies by country, but the average minimum wage is around €1,500-€2,000 per month (approximately $1,700-$2,300 USD).
• In Canada, the minimum wage varies by province, but the average minimum wage is around CAD 15-20 per hour (approximately $11-$15 USD).
• In Australia, the minimum wage is around AUD 20-25 per hour (approximately $14-$18 USD).

Recent Research and Studies:

• A study by the Economic Policy Institute (EPI) found that raising the federal minimum wage to $15 per hour would lift the wages of over 30 million workers and reduce poverty and income inequality.
• A study by the Federal Reserve Bank of San Francisco found that a $15 per hour minimum wage would have a positive impact on the economy, including reducing poverty and increasing economic growth.
• A study by the National Bureau of Economic Research found that a higher minimum wage can lead to improved health outcomes and reduced mortality rates.

Challenges and Controversies:

• Some businesses and employers argue that a higher minimum wage would lead to job losses and increased costs.
• Some economists argue that a higher minimum wage could lead to inflation and reduced economic growth.
• There are also debates about the impact of a higher minimum wage on small businesses, non-profit organizations, and industries such as hospitality and retail.

I hope this provides a helpful overview of the latest news and updates on minimum wage!