Workers at the lowest end of the pay scale got a major and much-needed boost today as the federal minimum raise was increased from $6.55 to $7.25 an hour. The ¢70 increase per hour will have a positive impact on over 10 million workers in 31 states. The new minimum wage is now set at $7.25 an hour, which is a $2,000.00 annual pay increase for full-time minimum wage workers. This is the final step in the three step minimum wage raise passed by Congress in 2007.
The Economic Policy Institute states that the increase in minimum wage will generate $5.5 billons dollars in consumer spending which in turn will boost the economy. The last raise in minimum wage was over a decade ago.