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In 2014, over 600 economists signed a letter in support of increasing the minimum wage to $10.10 with research suggesting that a minimum wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth.
Increases in minimum wage tends to result in junior (low-skilled) workers being overpaid relative to their senior (high-skilled) peers (i.e., If the minimum wage in a region increases from $20 to $25, therefore new employees receive $25 per hour, while current employees with 3 years' experience are being paid $26.50 per hour).
The Economist states that as inequality rises, political will to help low-paid workers increases, and minimum wages may not be as bad as some believe. [236] In a blog post on the Economic Policy Institute's site, they say that raising the federal minimum wage to $15 an hour would decrease income inequality. [237]
The minimum wage was initially set to reach $15 an hour on Jan. 1, 2024, thanks to a gradual phase-in meant to give employers and smaller businesses more time to adapt to the added expenses.
The federal minimum wage has not risen from $7.25 for 15 years.That run extends the longest such streak since the federal minimum wage was implemented in 1938. However, because of inflation and ...
California is raising the minimum wage for fast food restaurant employees to $20 per hour starting April 1, 2024. ... TV personality Mike Rowe argued that it might have adverse effects on the ...
If there is no objection, the new minimum wage will then take effect from January 1. The minimum wage committee decided to raise the minimum wage in 2018 by 16.4% from the previous year to 7,530 won (US$7.03) per hour. This is the largest increase since 2001 when it was increased by 16.8%.
Chancellor Rachel Reeves is due to announce the inflation-busting hike when she delivers her first financial statement