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SMALL BUSINESS NEWS

21 Feb 2014

 

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Executive Order To Increase Minimum Wage

On February 12, 2014 the President signed an Executive Order authorizing an increase in the minimum wage for Contractors.

The Order stiuplates that effective January 1, 2015 the minimum wage will be raised to $10.10 per hour for federal contractors and subcontractors that do business with the federal government.  Contractors and subcontractors shall incorporate into lower-tier subcontracts, specifying as a condition of payment, that the minimum wage be paid to workers, including workers whose wages are calculated pursuant to special certificates issued under 29 U.S.C. 214(c).
The Order also authorizes the Secretary of Labor to annually determine what this minimum wage rate will be beginning January 1, 2016.  The Secretary of Labor must publish the new minimum wage at least 90 days before it goes into effect.
The Order also ties future increases in this rate to the Consumer Price Index (CPI).
The Order further increased the minimum wage for tipped workers to $4.90 per hour beginning on January 1, 2015.  It also calls for the $4.90 per hour rate to be increased by at least $0.95 per year until it reaches 70 percent of the rate for non-tipped workers.
The Secretary of Labor is required to issue regulations on this by October 1, 2014.
See other story:   CBO Evaluation of The Minimum Wage Increase.

Sources:
Executive Order


By Jack River

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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