X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Consumers with shopping bags An increase in the federal minimumn wage could lead to higher spending by those who would have more money to spend, higher customer demand, more business activity and job growth. (Photo: Shutterstock)

The Congressional Budget Office’s report on the effects an increase in the minimum wage could have on employment and family income highlights a number of benefits, although it’s pessimistic about the number of people that could find themselves out of work should the wage rise to $15 be adopted.

Currently the federal minimum wage stands at $7.25 per hour for most workers. In its evaluation of a 6-step increase to $15 by 2025, the report says that 17 million people who would otherwise earn less than $15 per hour would see an increase, while another 10 million who already make a little more than $15 could see their own wages rise as well.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

More from this author

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.