Los Angeles Approves $15 Minimum Wage Increase By 2020

Posted: May 20 2015, 6:30am CDT | by , Updated: May 20 2015, 6:39am CDT, in Latest Business News


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Los Angeles Approves $15 Minimum Wage
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  • LA Has Given Preliminary Approval To $15 Minimum Wage

The LA City Council voted on 19th May to increase the minimum wage in America’s second largest city to $15 by 2020.

The LA City Council has voted to increase the minimum wage. Currently the employees in LA are earning $9 an hour. The labor community wants an increase in the minimum wage and now it will surely pass to make $15 the new minimum wage.

The council won by 14-1 which will have to come before the panel for final approval. Now businesses with more than 25 employees will have to meet the $15 level by 2020. Smaller businesses with less number of employees will be given an extra year but eventually even they will have to pay their employees the new minimum wage.

This demand for increased minimum wages came after when the minimum wage was increased in other major cities. Seattle and San Francisco have increased the minimum wage for 800,000 workers in the city.

City Councilman Curren Price Jr. told Reuters that they are embarking upon what they think is the most progressive minimum wage policy anywhere in the country.

Curren Price Jr. is one of the main backers of the proposals. The federal government has fixed the minimum wage to $7.25 an hour since 2009. There are very few chances that the federal government will change the minimum wage and increase it.

Many people have pushed their local governments to increase their own minimum wages. This proposal was given for a preliminary approval in LA. The housing costs in LA are amongst the highest in the nation.

Now that the workers have pushed for the $15 an hour, they have reached victory. This 67 percent pay increase will begin gradually. In the start the employees will earn $10.5 an hour by 2016. It will gradually go up until it reaches $15 in 2020.

If you have a company of 25 or fewer workers, then you would follow a slightly slowed stepped up increase in the minimum wage. These small businesses would be given a year so that they could implement these new wages.

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