Job Markets
Minimum Wage Goes Up in Four States
Workers with low-paying jobs in Colorado, Montana, Ohio, or Washington, just got a bit of good news: These four states announced minimum-wage increases that go into effect at the beginning of next year.
In total, 10 states adjust minimum wages every year based on the inflation rate. In addition to the four above, Arizona, Florida, Missouri, Nevada, Oregon and Vermont all make cost-of-living adjustments. (Oregon announced a 30-cent increase for 2012 last month; the remaining states havent announced their adjustments yet.)
Those workers will be making less in real (i.e. inflation-adjusted) dollars than those who held minimum wage jobs in 1968, when the minimum wage hit its peak value before beginning a four-decade slide. Theyll have plenty of company, though: Research from the National Employment Law Project shows that the few jobs the U.S. has added since the recession officially ended have overwhelming been low-wage positions.
Working minimum wage during the Summer of Love would have earned you $1.60 an hour; in todays dollars, thats equivalent to $10.42. Just 10 states index their minimum wages to the inflation level, which helps make up for increases in the cost of living, says Tsedeye Gebreselassie, staff attorney at the National Employment Law Project.
http://moneyland.time.com/2011/10/0...r-states-still-dismally-low/?iid=pf-main-lede
Minimum Wage Goes Up in Four States
Workers with low-paying jobs in Colorado, Montana, Ohio, or Washington, just got a bit of good news: These four states announced minimum-wage increases that go into effect at the beginning of next year.
In total, 10 states adjust minimum wages every year based on the inflation rate. In addition to the four above, Arizona, Florida, Missouri, Nevada, Oregon and Vermont all make cost-of-living adjustments. (Oregon announced a 30-cent increase for 2012 last month; the remaining states havent announced their adjustments yet.)
Those workers will be making less in real (i.e. inflation-adjusted) dollars than those who held minimum wage jobs in 1968, when the minimum wage hit its peak value before beginning a four-decade slide. Theyll have plenty of company, though: Research from the National Employment Law Project shows that the few jobs the U.S. has added since the recession officially ended have overwhelming been low-wage positions.
Working minimum wage during the Summer of Love would have earned you $1.60 an hour; in todays dollars, thats equivalent to $10.42. Just 10 states index their minimum wages to the inflation level, which helps make up for increases in the cost of living, says Tsedeye Gebreselassie, staff attorney at the National Employment Law Project.
http://moneyland.time.com/2011/10/0...r-states-still-dismally-low/?iid=pf-main-lede
