Washington State Raises Its Minimum Wage
Effective January 1, 2013, Washington’s minimum wage will increase from $9.04 to $9.19 per hour, the highest in the nation. Washington, along with ten other states, Arizona, Colorado, Florida, Missouri, Montana, Nevada, Ohio, Oregon, and Vermont calculates its minimum wage increases using the Consumer Price Index (CPI) which measures how much urban wage earners pay for basic goods and services such as rent/mortgage, food, clothing and fuel. And according to the Bureau of Labor Statistics (BLS) rising fuel costs accounted for 80 percent of this year’s minimum wage increase.
How raising the minimum wage impacts the economy could be debated ad nauseam but one thing is for sure, for those at the bottom of the financial rung the increase could put an additional $300 per year in their travel navigator amazon wallet. This extra cash can be used to pay for the rising costs of food and fuel, or it could become the foundation of a new savings plan for a down payment on a home in the future.
For those earning just above minimum wage, employers may decide to offer slightly higher compensation as a differentiating factor. Many of those workers could find themselves earning enought to afford more in rent or even have the ability to purchase a starter home.
Wage is one of the most important issues for both employer and employee, although employer has to keep within all other labour laws. If you, as a business owner, are looking for a labor law poster, go to LaborLawCC.com.
To find out more about Washington’s minimum wage visit www.wages.Lni.wa.gov. You may also call 360-902-5316 or 1-866-219-7321.
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