Los Angeles mayor signs $15/hour minimum wage hike into law
Source: Yahoo! News / Reuters
LOS ANGELES (Reuters) - Los Angeles Mayor Eric Garcetti on Saturday signed a law hiking the citys minimum wage from $9 an hour to $15 by 2020, an increase that will affect hundreds of thousands of workers.
Garcetti, speaking in English and Spanish, told a crowd of hundreds at the signing event that he wanted to lift the citys lowest-paid workers out of poverty.
"Too many Angelenos have been left behind even as weve put the recession in the rearview mirror," he told union representatives, immigration and activists at the ceremony.
The Los Angeles City Council approved the wage hike in May with a 14-1 vote. The law requires businesses with 25 or more employees to increase pay for minimum wage workers to $15 by 2020.
Read more: http://news.yahoo.com/los-angeles-mayor-signs-15-hour-minimum-wage-010243754--finance.html
alboe
(192 posts)So many companies (especially in the tech field) say they operate out of states like CT in order to pay employees less. I worked for a company who had no employees, nor the CEO, in that state, but were able to pay $10 an hour to me, who lived in California.
cstanleytech
(26,293 posts)If it doesnt then
pinto
(106,886 posts)cstanleytech
(26,293 posts)vinny9698
(1,016 posts)Clare OConnor of Forbes.com cites the number wrangling of Arnobio Morelix, who found himself wondering if hed have to dig into his couch cushions in a world where fast food workers make $15. According to his math and were sure there are plenty of others crunching the numbers out there if workers salaries doubled, that doesnt mean the price of certain items would also increase by 100%.
Morelix found that if workers get the $15 per hour they want, a Big Mac would cost $0.68 more than it does now, up from $3.99 to $4.67. Want a whole meal? Thatll be $6.66 instead of $5.69. And the Dollar Menu would likely need to be renamed because items would cost $1.17, Morelix said.