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California expected to increase minimum wage to $15.50 per hour

California expected to increase minimum wage to $15.50 per hour



'Prices are still rising, but not as quickly': Romans breaks down inflation dataReplayMore Videos ... (16 Videos)'Prices are still rising, but not as quickly': Romans breaks down inflation dataAirbnb CEO: 'We're not pulling on the brakes, we're stepping on the gas' 'It feels overwhelming': Business owner on the impact of inflationTreasury Secretary Yellen on how Roe v. Wade helped increase women's earning potentialHear from concerned parents affected by the baby formula shortage Actor superglues his hand to Starbucks counter in protestMeet the 100-year-old man who's worked at the same company for 84 yearsThis toxic lake has enough lithium to supply US electric vehicles for decadesWatch what this Kawasaki factory in Nebraska did to attract workersThis tech startup is trying to get better care for new momsAre you considering going back to your old job? Watch this firstRichard Quest: 'The market is in deep dysfunction'Bill Gates: Elon Musk 'could make Twitter worse'Oil baron unleashes vast wealth to fight PutinFed raises interest rates as it tries to catch up with inflation Redfin Chief Economist: Despite signs of the housing market cooling, prices will stay high (CNN Business)California's minimum wage is expected to increase to $15.50 per hour next January because a state provision regarding inflation was triggered, Gov. Gavin Newsom's office said Thursday.

Newsom's office indicated in a release that the state's minimum wage law requires an accelerated increase when inflation goes beyond 7%. The Consumer Price Index, which measures a basket of goods and services, was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday."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," the release said. "These conditions have further been exacerbated by Russia's war in Ukraine."California currently requires $14 an hour for employers with 25 employees or fewer and $15 an hour for employers with 26 or more employees, according to the state's Department of Industrial Relations. Employers with fewer than 26 employees were originally going to be required to raise the minimum wage to $15 starting January 1, 2023, the department said. Under the newly triggered provision, the governor's office said that the $15.50 minimum wage will be required for all workers.Read More- CNN's Anneken Tappe contributed to this report


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