California's minimum wage will jump to $15.50 per hour next year, an increase triggered by soaring inflation that will benefit about 3 million workers in the state.
"We're still overall having a very strong economic recovery in the state from the COVID-19 recession," California Department of Finance spokesman H.D. Palmer said."But it's clear that we face a lot of headwinds: gas prices remain high, food prices are high because of inflation."
The law says the minimum wage must increase to $15.50 per hour for everyone if inflation increased by more than 7% between the 2021 and 2022 fiscal years. Thursday, the California Department of Finance said they project inflation for the 2022 fiscal year — which ends June 30 — will be 7.6% higher than the year before, triggering the increase.
The increase will impact smaller companies the most, which will see the minimum wage jump $1.50 in January. Kerry Jackson, a fellow at the conservative-leaning Pacific Research Institute's Center for California Reform, said the increase could cause some employees at smaller companies to work fewer hours.consumer prices jumped 8.3% nationally
Democratic leaders in the Legislature have rejected that plan, instead favoring one that would send $200 checks to low-to-moderate income taxpayers and their dependents.
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