Millions of workers in the U.S. could be in for a pay raise as Democrats move to pass a $15 federal minimum wage without Republican support.
Both President Joe Biden’s American Rescue Plan and the recently reintroduced Raise the Wage Act would gradually lift the federal minimum wage to $15 from $7.25, where it’s been since 2009. The Raise the Wage Act offers the following timeline: The federal minimum wage would jump to $9.50 this year and reach $15 an hour by 2025. After that, it would be indexed to median wages.
-CNBC