Federal Minimum Wage Increase

The federal minimum wage has officially been increased from $5.15 an hour to $5.85 an hour. The seventy cent increase is the first change in 10 years, and since the last increase in the federal minimum wage, “bread prices have risen 25 percent, health insurance costs have risen 97 percent, and the price of regular gasoline jumped 149 percent” according to KansasCity.com.

This wage increase will earn the average worker (40 hours a week) an extra $28 a week. More good news — the minimum wage will be raised to $6.55 by July 2008 and $7.25 by July 2009.

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