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Minimum Wage Rises to $6.55, a 70 Cent Increase
By Employment Crossing
Two million American workers earning minimum wage will receive a 70 cent raise in their paychecks as the federal minimum wage increases from $5.85 to $6.55 an hour.
But don’t go spending that extra amount of cash just yet; the Labor Department made its announcements on inflation, showing energy costs soaring nearly 25% and the price of food rising more than five percent.
According to the Economic Policy Institute, 23 states and the District of Columbia have laws making the minimum wage higher than the new federal requirement.
The increase is the second of three annual increases required by a 2007 law. Next year’s boost will bring the federal minimum wage to $7.25 an hour.
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