Federal Minimum Wage 2009: Rises to $7.25 an hour
The US Federal minimum wage rises today to $7.25 an hour. That's a ten-cent raise from 2007's rate of $7.15 an hour. This is still considered too low on which to survive by the Fiscal Policy Institute and... well, come on, could you live on $7.25 an hour? Consider today's economic situation, where those who would not normally be competing for entry-level work are finding themselves doing just that.
According to the report, 13 states have minimum wages above the new federal standard. And 10 states link their minimum wage to a cost of living index - though some exempt smaller businesses.
James Parrot, Director of the Fiscal Policy Institute, says a gradual increase each year is better than big jumps every five to ten years which is what New York State has done.