CNBC: It’s been 12 years since the last federal minimum wage increase

By Lorie Konish
CNBC, July 16, 2021

The coronavirus crisis has cast new attention on wages and income.

It’s been 12 years since the last federal minimum wage increase, and whether a hike in minimum pay will get passed by Congress or not is still a question.

The federal minimum wage is currently $7.25 per hour. That pay raise was approved by Congress in 2007, which gradually kicked it up to the present number in 2009. ...

Meanwhile, states are stepping in to raise their minimum pay rates. However, none of them currently have a $15 per hour wage in place, though states like Florida are working to gradually move toward that by 2026.

Currently, only four states have minimum wages greater or equal to $12.50 per hour, according to Business for a Fair Minimum Wage, which is campaigning for higher wages. They include California, Massachusetts, New York and Washington.

Meanwhile, 20 states have wages no higher than the $7.25 federal minimum wage. ...

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Copyright 2021 CNBC

 

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