For the first time of last 10 years, the U.S. Senate on passeda bill to increase the federal minimum wage from $5.15 to $7.25an hour over the next two years, accompanied by tax cuts forsmall businesses and limits on corporate pay.
President Bush praised the Senate version of the bill andencouraged the House to accept it. He said in a statement, "TheSenate has taken a step toward helping maintain a strong anddynamic labor market and promoting continued economic growth."
29 states have a minimum wage above the current federal level,and seven of them are above $7.25 an hour.
The increase would affect about 13 million workers, addingnearly $4,400 to a minimum-wage worker’s annual income.
Minimum wage hike also requires employers update their labor law poster accordingly.
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