Over the past two weeks, several minimum wage increases have been enacted around the country.
Minimum wage will increase from $7.40 to $9.25 per hour over the next four years – an overall increase of 25%. The increase will occur in phases; beginning on September 1, 2014 the rate will rise to $8.15, $8.50 on January 1, 2016, then $8.90 on January 1, 2017, and then to $9.25 on January 1, 2018.
Minimum wage will increase from $7.25 to $10.10 over the next four years. The rate will rise to $7.75 per hour beginning January 1, 2015, $8.50 per hour beginning January 1, 2016, $9.25 per hour beginning January 1, 2017, and $10.10 per hour beginning January 1, 2018.
Minimum wage will rise from $9.32 to $15, but the increase will only apply to certain businesses at certain times. Effective April 15, 2015, the rate will rise to $10 for some businesses and $11 for others. Employees of businesses with more than 500 workers will start at $11 and reach $15 in 2017. Large businesses that provide health care will have an additional year. Businesses with fewer than 500 will be required to pay $15 in 2019. Small businesses that claim a credit for tips and benefits will reach $15 an hour in 2021.
GTM will continue to monitor these and other changes, so please check back for updates. Contact us for more information.