Federal Minimum Wage Will Increase to $7.25

On July 24, 2009 the minimum wage will be raised to $7.25 from $6.55 per hour. The hike will take affect in 29 states. The minimum wage increase is due to a bill passed back in 2007, when the minimum wage was just $5.15 per hour.

Some state minimum wages are already above the federal mandated minimum wage. Below is a list of states with the highest minimum wages.

• Washington $8.55
• Oregon $8.40
• Vermont $8.06
• California $8.00
• Connecticut $8.00
• Illinois $8.00
• Massachusetts $8.00
• Nevada $7.55
• Washington, D.C $7.55
• New Mexico $7.50
• Michigan $7.40
• Rhode Island $7.40
• Ohio $7.30
• Colorado $7.28

Workers earning the new minimum wage of $7.25 per hour at 33 hours per week will earn approximately $12,441 per year. The new minimum wage will set many people above the poverty level. The government poverty level for one person is at $10,830 per year.

To Your State’s Minimum Wage (Check Here)

Will the new minimum wage help or hurt people?  10,830 per year is not a lot of money — will the new minimum wage cause more people to be decline public assistance.

Tweet This Post  Buzz This Post  Delicious This Post  Digg This Post  Stumble This Post 

Other Resources

• Selling and Buying A House Alternatives
• Citigroup Stock Price Raised To A Buy
• Wachovia Branches Due To Close
• Bank Of America Branch Closings