The minimum wage would be $13 if it operated with inflation

The Bureau of Labor Statistics has revealed what the minimum wage would seem like if it were to maintain up with rising inflation.

If the minimum wage is adjusted for inflation in 2024, it will be roughly $13 to $12.85. The federal minimum wage has not modified in 15 years, with the last adjustment going down in 2009 – from $6.55 to $7.25. Regardless of the continued boom and bust of the U.S. economy and the worldwide pandemic, the federal minimum wage has someway remained at $7.25.

According to the bureau, $7.25 in July 2009 is similar to $10.50 in March 2024. Full-time staff earning that quantity is near $15,080 a 12 months, or simply $20 above the poverty level. If it were still 2009, annual wages would should rise to $21,870 today to maintain up with the rising costs of products and services.

A minimum hourly wage still applies in 20 states, however the remaining 30 states and territories have a minimum wage higher than $7.25. Workers can find the best minimum wage within the country in Tukwila, Washington. For large employers with greater than 500 employees, employees must be paid a minimum of $20.29. For states and territories like Washington, the perfect rate is $17 per hour.

There have been discussions about raising the federal minimum wage, but Congress has held off on these efforts. In 2021, Democrats proposed raising the bottom wage to $15 in 2021, but it was defeated within the Senate. However, there’s pressure in local municipalities to lift wages in specific areas.

According to the King County Council, it is is considering a proposal to set the minimum wage at $20.29 an hour in Seattle. If the laws passes, county employees, employees of companies in unincorporated King County and employees of firms that contract with the county would see a wage increase. Small and medium-sized businesses would have more time to lift wages to county standards.

Additionally, the county’s minimum wage will increase annually starting January 1, 2025, based on the speed of inflation.

There are unions in San Diego Pressuring city council members to mandate a $25 minimum hourly wage for service staff. Unions representing staff at 1000’s of hotels, cleaners and convention centers argue that low-paid service staff often have to choose from paying rent or eating out.

They are pushing for a 50% raise over the present wage of $16.85 an hour.