Thursday, January 1, 2015

2015 Brings a Higher Minimum Wage in 21 States

The minimum wage will rise in 21 states in 2015, putting it above the federal pay floor in more than half the USA and highlighting the impact of a national movement to boost the earnings of low-paid workers.
The increases will lift the hourly wages of 2.4 million workers by up to $1 to an average of $8 and a high of $9.15, according to the Economic Policy Institute. The federal hourly minimum is $7.25.
Another 1.9 million workers are expected to benefit from a higher pay scale. The post-Christmas gifts will pump about $1.5 billion into the U.S. economy because low-wage workers tend to spend most of their paychecks, the liberal think tank estimates.
"It's not going to bring them a life of luxury, but it's a substantial amount of money for somebody struggling to get by," says EPI senior economic analyst David Cooper. "They can make payment plans for a car or buy some extra groceries. "
Four of the states — Alaska, Arkansas, Nebraska and South Dakota — approved ballot initiatives in November to increase the minimum wage.
Eight states — Connecticut, Hawaii, Maryland, Massachusetts, New York, Rhode Island, Vermont and West Virginia — passed legislation the last two years.
Read the rest of the story HERE. You can find the rates for all states HERE.

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