There’s some good news today for hourly workers who are being paid the minimum wage—as of July 24, 2008, the federal minimum wage will see an increase of 70 cents, jumping from $5.85 to $6.55. If you’re a full-time employee working 40 hours a week, you’ll earn $2,392 more a year compared to the old wage.
According to the Bureau of Labor Statistics, only 2 percent of all hourly workers are paid minimum wage. This includes 55-plus workers who use their hourly wages to supplement the money they receive from social security and retirement. Senior workers face costs that most teens haven’t even thought of—supporting a family, medications and other health care expenses.
But no matter what your age, this jump couldn’t come at a more perfect time, with national average gas prices rising to over $4.00 a gallon, and inflation rates quickly climbing. However, there is more good news is on the horizon for minimum wage workers: Next summer wages will increase to $7.25, another 70-cent leap.
Even if you don’t work a job that pays minimum wage, you could still benefit from the raises—in order to keep up with these increases, NPR reports that temporary part-time and entry-level workers may see a pay raise as well. The only downside to this plan is that many consumers are worried that businesses will pass on wage increases in the form of higher prices.
- ALSO: Search for part-time jobs and get job advice on asking for a raise.
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It’s not enough, should be $9 or $10.00 per hour.
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