$15 Minimum Wage? Seattle Says Yes

What's Hot


5 Reasons to Shop for a Home in DecemberFamily

Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

Giving Thanks: Why Foreigners Find America AmazingAround The House

Why Washing Your Turkey Can Make You IllFamily

50 Best Gifts Under $25 for Everyone on Your ListFamily

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

7 Foods That Can Lengthen Your LifeFamily

The 50 Hottest Toys of the Past 50 YearsFamily

New Email Phishing Scam Targets Amazon ShoppersMore

7 Government Freebies You Can Get TodayFamily

The Seattle City Council has approved a new minimum wage that will be phased in over several years.

President Obama and many congressional Democrats want to raise the federal minimum wage to $10.10 an hour. Seattle has one-upped that effort, enacting a $15-an-hour minimum wage for all Seattle employers.

The increase, approved unanimously by the City Council, will be phased in over the next several years, depending on the size of the company and the benefits the employer provides, according to CNN Money. Large businesses need to comply by 2017. All Seattle businesses must enact the new minimum wage by 2021.

SeattlePI said:

“While this is a bold proposal, it is a moderate proposal: There’s a seven-year phase-in,” Mayor Ed Murray said. The process of compromise brought “huge wins” for business, particularly small business, during implementation, the mayor added.

At $9.32 per hour, Washington state already has the highest state-level minimum wage in the U.S., CNN Money said. The federal minimum wage is $7.25 an hour. But a quarter of Seattle residents earn $15 or less per hour. And nearly 14 percent live below the federal poverty level. It’s estimated that more than 100,000 Seattle workers will benefit from the higher wages.

Labor activists have lauded the decision to hike the minimum wage, while others, like Forbes’ contributor Tim Worstall, have predicted dire consequences. Worstall wrote:

So that’s what we would expect from this rise in the Seattle minimum wage to $15 an hour. Some rise in unemployment. A much larger rise in high school graduate unemployment relative to the general unemployment rate. And a significant reduction in the job-related benefits that workers receive.

Proponents of the hike in wages argue that it will give greater buying power to workers who earn the least.

Of course, it remains to be seen how this hike in wages – which will bring the city’s minimum up to about 59 percent of the current local median wage – will impact Seattle. I think one thing is certain: When people debate the potential implications of raising the minimum wage, all eyes will be on Seattle in the coming years.

What do you think of Seattle enacting a $15 minimum wage? Share your thoughts below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 10 Simple Money Moves to Make Before the New Year

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,751 more deals!