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.
U.S. Department of Labor. "State Minimum Wage Laws." Accessed Nov. 2, 2020.
National Conference of State Legislatures. "2020 Minimum Wage by State." Accessed Nov. 2, 2020
U.S. Department of Labor. "Minimum Wage." Accessed Nov. 2, 2020.
Rev.com. "Donald Trump & Joe Biden Final Presidential Debate Transcript 2020." Accessed Nov. 2, 2020.