If your firm employees any workers who make the minimum wage, take this as a warning: Democrats in the House and Senate reintroduced the bill to raise the U.S. minimum wage to $15 per hour.
The last time the minimum wage was increased was 2009.
The Raise the Wage Act of 2021 would:
- increase the pay floor gradually to $15 an hour nationwide by 2025
- tie future increases to median wage growth
- ensure tipped workers are paid the full federal minimum wage
by phasing out the subminimum wage for tipped workers
- pay teen workers at least the full federal minimum wage by phasing out subminimum wage for youth workers, and
- end subminimum wage certificates for workers with disabilities.
There’s no time like the present to prepare for the possibility of a new minimum wage.
Take a good look at your expenses and budget now, and figure out how this might affect them in the near future.