Posted on 07/10/2009 10:36:14 AM PDT by EagleUSA
Federal wage floor will rise to $7.25 an hour on July 24. Hike will be felt in 29 states. Can the job market handle it?
The federal minimum wage is set to increase later this month as the job market shows signs of further decay.
The federal minimum wage will go to $7.25 an hour on July 24 from its current level of $6.55, according to the U.S. Department of Labor.
The impact will be felt in 29 states, and many of them plan to match the federal minimum when it goes through.
Seven states already have laws mandating $7.25 minimum pay, while 14 states and Washington, D.C., exceed the new minimum. Employers are required to pay whichever is the highest: Federal or state.
Last July, the wage floor was raised from $5.85 per hour. The increases were mandated by a bill passed by Congress in 2007, when the minimum was $5.15 an hour, where it had stayed for years.
But the next increase is set to occur as the job market is reeling under high unemployment and ongoing payroll cuts.
Unemployment has increased for nine months straight, achieving a 26-year high of 9.5% in June, according to the Labor Department.
(Excerpt) Read more at finance.yahoo.com ...
Inflationary move. Gold looks good.
Absolutely brilliant. That should really entice small business into hiring!
Absolutely brilliant. That should really entice small business into hiring!
Ok, 12% unemployment.
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