As of July 24, the federal minimum wage has not seen an increase in four years, since it was set at $7.25 an hour in 2009. The last time Michigan raised its minimum wage of $7.40 an hour was in 2008, which is higher than the federal minimum.
Business for a Fair Minimum Wage supported the last increase in the federal minimum wage and is pushing for another.
The Fair Minimum Wage Act of 2013 would gradually raise the minimum wage from $7.25 to $10.10 over three years and then provide for annual adjustments for inflation. If the minimum wage had kept pace with the cost of living since reaching its highest value in 1968, it would be an inflation-adjusted $10.74 today.
Business for a Fair Minimum Wage will be launching a sign-on statement July 24 for business people supporting an increase in the federal minimum wage.
Business for a Fair Minimum Wage is a national network of business owners and executives who believe a fair minimum wage makes good business sense. For more information, visit www.businessforafairminimumwage.org.