New Legislation Calls for Doubling of Minimum Wage

The federal minimum wage could see its first increase in nearly ten years due to a new bill recently introduced in the House of Representatives. The Raise the Wage Act calls for a gradual increase (in six stages) of the federal minimum wage, reaching $15 an hour by 2024. This increase more than doubles the current federal rate of $7.25 per hour. The bill also eliminates tipped minimum wage and special lower wages paid to workers under age 20 and workers with disabilities.

The bill follows legislation in many states that have raised their minimum wage rates in recent months, including Massachusetts, California, New York, and New Jersey. If the bill passes in the House, it will need to also pass in the Senate before being presented to the President.

ECFA will continue to monitor and report on this issue in our News section.

This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.


Follow @ecfa