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You are here: Home / Business & Financials / Minimum Wage Might be Raised to $12

Minimum Wage Might be Raised to $12

May 2, 2015 By Sam Doliente Leave a Comment

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A bill introduced this week on Capitol Hill might lead to an increase of the current minimum wage of $ 7.25 in the U.S. This measure was co-sponsored by Representative Bobby Scott and Senator Patty Murray. According to them, the minimum wage has not been raised since 2009.

The plan is to progressively modify it until it reaches the targeted platform of $ 12. The main reason was that it seems unfair to ask people to work 40 hours a week and not get paid enough to live a decent life.

38 million Americans would benefit from such a change. The bill aims to increase the current wage to $ 8 in 2016 and afterwards raise it by a dollar each year, until 2020, when it would reach its targeted amount of $12. Tips will also witness a change.

According to the new proposal, a lower minimum wage for people who get tips will be eliminated as well. In their case, this wage was set at $ 2.13 twenty-four years ago and it hasn’t been modified since. Lawmakers believe that poverty among tipped workers is even higher and democratic representatives of the House Committee on Education and Workforce state that about 46% get federal assistance.

Most people support the idea of increasing the minimum wage, according to the results of a survey carried out this year. The poll revealed that more than half of the people interrogated would agree to an increase of the minimum wage to $ 15.

The minimum wage is not the same all over the U.S.A. More than half American states have already increased it a while ago. In some cities, this wage goes beyond the $ 12 platform. An example was set by San Francisco and Seattle, where the minimum wage is $ 15.

Even if the proposal met some harsh criticism, implying that such a hike could lead to fewer jobs in the future, supporters of the bill believe that business will flourish once people afford to spend more money.

A report released by the Economic Policy Institute on Thursday, entitled “We Can Afford a $12.00 Federal Minimum Wage in 2020,” revealed that the minimum hourly payment should have been $ 9.54 by now if the increase in wages had been aligned to the price escalation.

However, the bill stands little chance of passing if it is not supported by Republicans, whose spokespeople avoided to make any comments on their position regarding the proposal.

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