The Minimum Wage Issue - At a Glance
Despite the fact that federal minimum wage has remained at $7.25 an hour since 2009, most state and local laws require a higher minimum wage. Organized labor groups are pushing for $15 an hour as the new standard.
The issue of raising the minimum wage is widely debated. Overall, opinions are divided right down the middle. 52% of Americans favors increasing the federal minimum to $15 an hour although there are distinct patterns of positions by demographics.
Here are five important facts with regards to the minimum wage issue.
- The buying power of minimum wage peaked in 1968. Since it was last raised to $7.25 in 2009, the minimum wage has lost 9.6% of its purchasing power. (adjusted for inflation)
- There are 2.6 million hourly workers whom’s wages are at or below Federal minimum wage. 45% of minimum wage earners are between the ages of 16-24. 23.3% are between the ages of 25-34.
- Some states, cities and counties have already implemented minimum wages above the Federal minimum. 29 states and over 20 cities and counties have minimum wages above the Federal minimum. These include District of Columbia, San Francisco, Seattle and San Diego.
- There are 20.6 minimum hourly workers who are earning just above minimum wage. A rise of minimum wage would likely affect this entire segment of workers.
- The hospitality and the food service industry is the largest employer of minimum or near minimum wage workers. About 3.75 millions workers fit into this category. Many of these are tip earning positions as well.
We at Just Walk In support a strong workforce that empowers every worker to earn a livable wage. As always, we believe that everyone that wants to work deserves to work.
As of the release of this article, Just Walk In is currently serving the San Francisco job market and New York job market.