Minimum Wage Increase
Monday July 21, 2008
The federal minimum wage, which is currrently $5.85 an hour, increases to $6.55 per hour this week. The increase goes into effect on July 24, 2008. This is the second of three scheduled minimum wage increases, with the final increase scheduled for July 24, 2009 when the minimum wage will rise to $7.25 per hour.
However, some states have higher minimum wages already. For example, the minimum wage in California is $8.00 an hour and the minimum wage in New York is $7.15 an hour. So, the main impact of the increase will be on workers whose home states follows the federal guidelines.
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Comments
Alison,
What you are is great. Thank You
Why don’t you explain that a price floor (minimum wage) is stupid. Furthermore that it really only has a significant positivie effect on teenagers.