raising the minimum wage brings many benefits
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Raising the Minimum Wage Brings Minimum Benefits Buy These Stocks Today! (Free Report) Raising the Minimum Wage Brings Minimum Benefits. More ways to share... The president made the case during his most recent State of the Union address that the way to prosperity was to raise the federal minimum wage to $9 an hour by 2015, from $7.25, where it has been since 2009. The rationale is that raising the minimum wage would help the middle class and businesses alike.
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Obamaâs claim that raising the minimum wage helps low-wage workers âmake ends meetâ –President Obama, State of the Union address, Jan. 20, 2015. In his State of the Union address, President Obama once again urged Congress to raise the minimum wage from $7.25 an hour to $10.10 an hour. He posed a challenge to Congress: try living on $15,000 or less a year. (For most members, that would be more than a 90 percent pay cut.)
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Business and the Minimum Wage Business and the Minimum Wage Interactive Feature: Can You Live on the Minimum Wage? Much of the discussion about the Democratic proposal to raise the minimum wage to $10.10 an hour by 2016 has rightly focused on the workers who will clearly benefit from the move.
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If Your Minimum Wage Increase Doesn't Raise Unemployment, You Didn't Raise The Minimum Wage Enough In fact, the effects snowball; a $2 increase in the minimum wage does more than twice as much to augment incomes as a $1 increase does, because it affects more workers.
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The Minimum Wage Must be Raised An estimated 6.9 million workers would receive an increase in their hourly wage if the minimum rage were raised to $10.15 by 2015. Due to the spill over effect the 10.5 million workers earning up to a dollar above minimum wage would also be likely to benefit from an increase.
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NYâs minimum wage to rise at yearâs end The increases worry local businesses, who said they have already felt the impact of previous wage increases. A year ago, the minimum wage was increased to $9 an hour, and it rose higher for fast-food and state workers: $10.50 in New York City and $9.75 for the rest of the state. At the end of this year, the fast-food wages will grow to $12 in the city and $10.75 in the rest of the state.
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The Minimum Wage: Frequently Asked Questions Half of the new wages from an increase in the minimum wage would go to workers with family incomes below $50,000, and more than one-third would go to workers with family incomes below $35,000.
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Did Your State Raise Its Minimum Wage Today? The District of Columbia will see a minimum wage hike beginning July 1. >>> Higher Fast-Food Wages: Higher Fast Food Prices. New York raised its minimum wage to $8.75 an hour beginning yesterday and will see another increase to $9 an hour beginning Dec. 31, 2015. Nine other states will see increases in their minimum wages today as state laws mandate automatic increases to make up for rising prices.
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The impact of the minimum wage Since these workers earn, on average, $5.69 per hour, the average hourly increase would be $0.46 if the minimum were raised to $6.15.[6] The rest of the table examines the demographic characteristics of workers by wage levels.pponents, however, make two basic arguments. First, they claim that the minimum wage costs jobs by pricing low-wage workers out of the labor market. Second, opponents argue that the minimum wage is poorly targeted, since most low-wage workers live in families with relatively high levels of income.
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Raising the federal minimum wage to $10.10 would give working families, and the overall economy, a much-needed boost for newer research on the impacts of increasing the federal minimum wage to $ 10 10 see raising the federal minimum wage to $ 10 10 would lift wages for millions and provide a modest economic boost released december 19 2013heir proposal now formalized as s 460 the fair minimum wage act of 2013 would increase the minimum wage via three incremental increases of $ 0 95 and then index it to inflation so that as prices rise so would the minimum wage
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Military Service Credit for Federal Civilian Retirement Generally, if you were automatically covered under the Federal Employees Retirement System (FERS) on January 1, 1987 or at any time thereafter, you must make the military service deposit prior to separation from Federal employment to receive credit for any retirement purpose.
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Raising the Minimum Wage to $12 by 2020 Would Lift Wages for 35 Million American Workers As technological progress and increased productivity raise wages for average- or middle-wage workers, a rising minimum wage ensures that the lowest-paid jobs also benefit from these improvements. This is the essence of the “fairness” implied in the name of the Fair Labor Standards Act, the act that established the minimum wage.
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Minimum wage boost creates positive effects, report shows What you don't see with minimum wage increases is a negative impact on employment or the economy.. In Oakland, raising the minimum hourly wage to $12.25 - a measure expected to appear on the Nov. 4 ballot - would boost the paychecks of up to 48,000 people by at least $115 million, according to the study.
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The Effects of Minimum Wages on Employment The Effects of Minimum Wages on Employment. The minimum wage has gained momentum among policymakers as a way to alleviate rising wage and income inequality. Much of the debate over this policy centers on whether raising the minimum wage causes job loss, as well as the potential magnitude of those losses.
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Minimum Wage: Who Makes It? minimum wage increases could appear on the ballot in as many as 34 states this year president obama has also proposed increasing the federal minimum wage to $ 10 10 from $ 7 25ll the statistics here apply to those who would be affected by the proposed increase to raise the federal minimum wage from $ 7 25 to $ 10 10 the analysis also includes a number of workers making slightly above $ 10 10 who history suggests would receive a raise if the minimum wage were increased
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The Effects of a Minimum-Wage Increase on Employment and Family Income many more low wage workers would see an increase in their earnings of those workers who will earn up to $ 10 10 under current law most about 16 5 million according to cbo s estimates would have higher earnings during an average week in the second half of 2016 if the $ 10 10 option was implemented $ 10 10 option would increase the federal minimum wage from its current rate of $ 7 25 per hour to $ 10 10 per hour in three steps in 2014 2015 and 2016 after reaching $ 10 10 in 2016 the minimum wage would be adjusted annually for inflation as measured by the consumer price index
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- 6, 2014 87,317 views 63 comments. The debate over raising the minimum wage has been a hot topic after President Obama explained in his 2014 State of the Union Address that he intends to raise the minimum wage from $7.25 to $10.10 per hour, an increase of over 40 percent.
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The Effects of a Minimum-Wage Increase on Employment and Family Income Summary. Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold.
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- Under their proposal, the minimum wage would be raised from the current $7.40 to $8.10 in January 2015, to $9.10 in January 2016, and to $10.10 in January 2017. Then, starting in 2018, it would be indexed to the rate of inflation every year. The tip credit language is more complicated.
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What Actually Happens When You Raise the Minimum Wage Advocates for raising the minimum wage are attempting the impossible, because it is impossible to change the value of a thing by mere fiat. If a particular McDonald’s employee earns the company $10 an hour, but the law forces McDonald’s to pay him $15 an hour, the employee won’t get any richer, but he will get fired.
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Raising the New York state minimum wage to $15 by July 2021 would lift wages for 3.2 million workers Key findings include: Raising the minimum wage to $15 per hour by 2018 in New York City and by mid-2021 throughout the rest of New York state would directly or indirectly lift wages for 3.2 million workers­­—about 37 percent of all workers in the state.
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The Racial Wealth Gap: Why Policy Matters State and Local Impact of Raising the Minimum Wage to $15 in MassachusettsAugust 31, 2016. 1  Phasing in an increase of the minimum wage to $15 by 2021 would boost the incomes of 29 percent of the Massachusetts workforce.
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Output Prices and the Minimum Wage Most economists believe that an increase in the minimum wage causes higher prices and lower employment. This belief rests partly on empirical evidence, but also on the view that labor markets are competitive; if markets are competitive, then increases in the minimum wage should both raise prices and reduce employment.aronson (2001) finds that minimum wage increases tend to raise prices. The magnitude and timing of these price increases is striking. Within three months of a wage hike, Aaronson finds that a 10 percent increase in the minimum wage resulted in a 0.4–0.7 percent increase in restaurant prices.
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Volunteer ContributeHome About Learn More News Endorsements Contact Register to Vote Initiative 1433 is good for businesses and our economy, too. By raising the minimum wage for more than 730,000 Washingtonians, we will add nearly $2.5 billion into local economies. When minimum-wage workers have $600 more in their pockets every month, they spend it in local business and boost our economy.
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The Minimum Wage Should Be Raised As a result, over the past 40 years, the purchasing power of the minimum wage has fallen sharply. If Congress had kept the minimum wage in pace with inflation over this period, it would today be $10.74. But, in fact, it is $7.25 -- about two-thirds of its previous purchasing power. A major consequence is that increasing numbers of workers and their families live in poverty.
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Of Course Walmart Cut Hours After Raising Pay--What Did You Expect? The benefit to us of the pay raise is that number of labor hours which is y-z. The cost to us is the increase in wages we’ve just given to all workers. And it could be, can be, that the benefits, the savings, from the lower number of hours are greater than the costs of the higher wages.