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Minimum wage increases in the past few years have helped Americans keep pace with annual inflation that reached a 40-year high of 9.1% in mid-2022 before gradually falling to 2.6% recently.
Michigan's minimum wage is slated to be $10.56, up 23 cents, due to legislation.Minnesota's minimum is making an inflation-adjusted move to $11.13, up 28 cents.Missouri is taking its base hourly ...
History of the US federal minimum wage. Lower line is nominal dollars. Top line is inflation-adjusted. [1] [2] The Raise the Wage Act is a proposed United States law that would increase the federal minimum wage to US$17. [3] [4] Versions of the bill have been introduced in each United States Congress since 2017.
For anyone working a minimum wage job in this new year, they will be paid more in 22 states and in at least 40 cities and counties across the country than they were in 2023. ... State minimum wage ...
Minimum wage by state by year. In the United States, the minimum wage is set by U.S. labor law and a range of state and local laws. [4] The first federal minimum wage was instituted in the National Industrial Recovery Act of 1933, signed into law by President Franklin D. Roosevelt, but later found to be unconstitutional. [5]
Minimum wage increases ranged from $0.22 to $1.50 an hour, adding between $458 and $3,120 to the annual earnings of full-time minimum wage workers.
Furthermore, a Harvard Business Review study found that, after an increase of $1 to the state minimum wage in California, employees saw “net losses of at least $1,590 per year per employee ...
For example, they look at the 1992 increase in New Jersey's minimum wage, the 1988 rise in California's minimum wage, and the 1990–91 increases in the federal minimum wage. In addition to their own findings, they reanalyzed earlier studies with updated data, generally finding that the older results of a negative employment effect did not hold ...