Question: What Is Federal Minimum Wage Right Now?

What are the disadvantages of raising minimum wage?

Disadvantages of Minimum wagesUnemployment.

Firms may become uncompetitive.

Cost-push inflation.

Black market.

Poorest don’t benefit.

Limited impact on relative poverty.

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Is federal minimum wage going up?

California, Illinois, and Massachusetts are all set to raise their minimum wages to $15.00 per hour by January 1, 2023 for California and Massachusetts and by 2025 for Illinois. Colorado raised its minimum wage from $9.30 per hour to $12 per hour by January 1, 2020, rising $0.90 per year.

What states have $15 minimum wage?

seven statesThe seven states and one federal district with $15 minimum wage laws account for a little more than 30 percent of the U.S. workforce, according to the National Employment Law Project, which also advocates for minimum wage increases.

What state is the cheapest to live in?

MississippiAlthough Mississippi is dubbed the cheapest state to live in overall, Arkansas residents spend the least on housing, the analysis revealed. The average resident spends about $708 per month on rent or mortgages and the median home cost is $128,800.

Who has the lowest minimum wage in the world?

CubaCuba is the country with the world’s lowest minimum wage. On a monthly basis, an employee in Cuba receives the minimum wage of 225 Cuban pesos –equivalent to $9.

What states are most expensive to live in?

Most Expensive States To Live In 2020RankStateCost Index1Hawaii192.92California151.73New York139.14Oregon134.244 more rows

Did Obama raise minimum wage?

President Barack Obama strongly supported increasing the minimum wage, giving speeches about it urging Congress to take action. Obama argued that “if you pay people well, there’s more money in everybody’s pockets, and everybody does better.”

Is the federal minimum wage going up in 2020?

Executive Order 13658, enacted in September 2019, raised the minimum wage for federal contract workers to $10.80 per hour effective January 1, 2020. For tipped workers who perform work on or in connection with covered contracts, the hourly rate increased to $7.55 per hour.

What is the federal minimum wage now?

$7.25 per hourEmployers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour.

What state has lowest minimum wage?

GeorgiaWOULD HIGHER MINIMUM WAGE BE A DISADVANTAGE FOR AMERICAN FARMERS? The state currently with the lowest minimum wage requirements as stated in data from the DOL is Georgia. Paying just $5.15 per hour, Georgia has a minimum wage of more than $2.00 below the federal mark of $7.25.

What states will increase minimum wage in 2020?

In addition to Missouri and Illinois, the following 19 states will also be increasing their minimum wages at the beginning of 2020: Alaska ($10.19), Arizona ($12), Arkansas ($10), California ($12 for small employers and $13 for large employers), Colorado ($12), Florida ($8.56), Maine ($12), Maryland ($11), …

What companies are paying $15 an hour?

These 21 Companies Pay a $15 Minimum Wage (or More!)Amazon. In early October of 2018, Amazon.com (Nasdaq: AMZN) made news with an announcement that it was hiking its minimum pay for all U.S. workers to $15 per hour. … Target. … 3. Walt Disney. … Ben & Jerry’s. … Wells Fargo. … JPMorgan Chase. … Costco. … Charter Communications.More items…•