Great news, laid-off Wall Streeters, minimum wage work just a got bit more lucrative! As of yesterday, the new minimum wage is $7.25 per hour.
Great news, minimum wage workers: if you spend the next year working without getting sick or, um, going on vacation, you’ll make $13,624! Uncle Sam’s $0.70 minimum wage hike is the second of three to take effect before next summer, but the meager raise is hardly a godsend for the working poor.
With all this talk about the new minimum wage we thought we’d take a look at the state minimum wage rates from across the country.
The federal minimum wage is rising to $5.85 this week, up from $5.15. The change is part of a plan to give minimum-wage workers an additional 70 cent boost each summer until 2009, when the minimum wage will be $7.50, or about $15,000 a year before taxes and without taking time off.