Minimum Wage Laws in the Spotlight

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing the economic impact of laws increasing the minimum wage:

In the November 2020 election, Florida voters approved an initiative to increase the minimum wage incrementally to $15 per hour by 2026. Eight states (plus the District of Columbia) have passed legislation to raise the minimum wage in steps to $15, but Florida will be the first state to do so through a ballot measure.

Considering the obvious appeal of bigger paychecks among working-class voters, the minimum wage could become a bigger issue in more places.

State labor laws vary widely, and there has been more pressure to raise the minimum wage in states with higher living costs. Twenty-nine states and the District of Columbia have minimum wages higher than the federal wage floor of $7.25, which hasn’t been adjusted since 2009.

Some cities have enacted minimums that exceed state levels, and a few large employers have increased pay for entry-level employees nationwide, making it more expensive for…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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