California's minimum wage will jump to $15.50 per hour next year, Gov. Gavin Newsom's administration announced Thursday, an increase triggered by soaring inflation that will benefit about 3 million workers.
California's minimum wage will jump to $15.50 per hour next year, Gov. Gavin Newsom's administration announced Thursday, an increase triggered by soaring inflation that will benefit about 3 million workers.
It's part of a new spending proposal to put $18.1 billion into taxpayers' pockets through a combination of rebates and assistance with rent, health insurance premiums and utility bills. The law says the minimum wage must increase to $15.50 per hour for everyone if inflation increased by more than 7% between the 2021 and 2022 fiscal years. Thursday, the California Department of Finance said they project inflation for the 2022 fiscal year — which ends June 30 — will be 7.6% higher than the year before, triggering the increase.
California Department of Finance Director Keely Martin Bosler said the increase could cause prices to jump for restaurants, which have low profit margins. But overall, she said the minimum wage increase is “expected to have a very minimal impact on overall inflation in the state's economy.” Democratic leaders in the Legislature have rejected that plan, instead favoring one that would send $200 checks to low-to-moderate income taxpayers and their dependents.
Newsom's plan to send checks to health care workers would apply to anyone who works inside a hospital or a nursing home — including doctors, nurses and other support staff. Workers would be guaranteed a $1,000 check. But if companies agree to add in another $500, the state will match it for a total of $2,000.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflation triggers California minimum wage increase in 2023A new minimum wage will take effect in California next year, an increase triggered by soaring inflation.
Read more »
California will raise minimum wage to $15.50 due to inflationCalifornia law requires a minimum wage increase when inflation exceeds 7%.
Read more »
Inflation Forces Increase in California Minimum WageSoaring inflation will trigger an automatic increase in California’s minimum wage next year, Gov. Gavin Newsom’s administration announced Thursday.
Read more »
California minimum wage rising to $15.50/hour in 2023 amid soaring inflationSoaring inflation will trigger an automatic increase in California's minimum wage next year, Gov. Gavin Newsom's administration announced Thursday.
Read more »