With all the talk of healthcare reform, North Korea and what or who killed Michael Jackson, the story of the minimum wage increase - which takes effect today - has been buried.
The U.S. minimum wage goes to $7.25 an hour, from $6.55, according to the U.S. Department of Labor. Most states have their own minimum wage, and employers are required to pay whichever is higher. That means minimum wage workers will get a raise in 29 states. In the remaining 21 states and Washington, D.C., they'll see no change.
In some states, the increase will be more modest. In New York, the state minimum wage is $7.15 an hour, so workers there will be paid an extra dime an hour, which means another $4 for a 40-hour week. But in states like Georgia, Virginia and Texas, workers are paid the current federal minimum of $6.55, so they'll get the largest raise of 70 cents, which translates into a $28 bump for a full-time week, or more than $1,400 a year.
People who won't see an increase in pay? Waiters, waitresses and other workers who rely on tips. You guys are still outta luck. Sorry.
Here's some more bad news: Because of the mandated wage increase, some employers may be forced to lay off employees and reduce hours.
Why? The recession!
One of Obama's campaign promises included raising the minimum wage to $9.50 an hour by 2011.
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