California law requires a minimum wage increase when inflation exceeds 7%.
California law requires a minimum wage increase to $15.50 when inflation exceeds 7%, which the state Department of Finance projects will happen by the end of the year,"The COVID-19 pandemic has resulted in persistent supply chain disruptions and labor market frictions have driven inflation to its highest rate in 40 years," according to a release from Newsom's office. "These conditions have further been exacerbated by Russia’s war in Ukraine.
"For years, the state minimum wage has increased steadily while inflation numbers remained modest," the release noted. "The wage increase will benefit millions of California households that are struggling to keep pace with the highest rate of inflation in decades."A key measure of consumer prices surged ahead in April, diminishing hopes that inflation will fade in the near future,
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