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SMALL BUSINESS NEWS

15 Dec 2014

 

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Chicago New Minimum Wage Rate

By 2019 the minimum wage in the city of Chicago will be raised to $13.00 per hour.  On 2 December 2014 the Chicago City Council approved a measure to increase the minimum wage from the current state minjimum wage of $8.25 to $13.00 by 2019.

The first increase will come in July 2015 when the rate is raised to $10.00.  In 2017 it will be raised to $11.00 and by 2019 it will be raised to $13.00.  After 2019 raises in the minimum wage will be tied to the inflation rate.

The ordinance also proposes that the tipped minimum wage in Chicago increase by $1 over two years from the current state minimum of $4.95 to $5.45 as of July 1, 2015 and $5.95 as of July 1, 2016, and be indexed to inflation every July 1 going forward.

This measure will impact the over 400,000 minimum wage employees in the city of Chicago.  It will also impact many businesses that rely on entry level employees.

See states minimum wage matrix.

Sources:
City of Chicago Minimum Wage Ordnance

 


By Jack Rivers

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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