California to raise minimum wage to $15.50
California to raise minimum wage to $15.50
- May 16, 2022
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H.D. Palmer, California Department of Finance spokesman said, "We're still overall having a very strong economic recovery in the state from the COVID-19 recession. But it's clear that we face a lot of headwinds: gas prices remain high, food prices are high because of inflation." The details of the inflation relief package were disclosed by the governor's office on Thursday.
California lawmakers had voted to increase the minimum wage to $15 per hour in 2016. But the increase was phased over many years. Today, the minimum wage per hour is $15 for companies with 25 or more workers and $14 for companies with fewer workers. The law states that the minimum wage should increase to $15.50 if inflation increased by more than 7% between the 2021 and 2022 fiscal years. The California Department of Finance said that the project inflation for the fiscal year 2022 will be 7.6% higher than last year, which triggered the increase.
Source: CBS News
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