Number of the Day Shows Prevalence of $7.25 Minimum Wage
Our take on the most relevant or interesting figure in personal finance today
That’s the number of states with a $7.25 minimum wage, a federal hourly minimum that hasn’t changed in 11 years.
While some states have voted to gradually increase their minimum wage to as high as $15—including Florida, if voters approve an initiative on the ballot Tuesday—21 states don’t offer anything higher than the federal minimum. (If a state has its own minimum, employees are entitled to whichever is higher.)
The outcome of the presidential election could have implications for the long-debated issue. Democrat Joe Biden has supported raising the federal minimum to $15, while Republican President Donald Trump has said state-imposed minimums are best.