Minimum wages rising in these states, cities

FoxNews.com columnist Liz Peek, FOX Business’ Kristina Partsinevelos, Capitalist Pig Hedge Fund’s Jonathan Hoenig, Kaltbaum Capital Management President Gary Kaltbaum on whether the House should vote to increase the minimum wage to $15 per hour.

Monday marks the start of a new fiscal year for many state governments, ushering in a number of minimum wage increases across the country.

In January, Democrats on Capitol Hill introduced the “Raise the Wage Act,” which aims to gradually increase the federal minimum wage to $15 by 2024. The legislation has more than 180 co-sponsors, including support from House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y.

The current federal minimum wage is $7.25 – which Independent Vermont Sen. Bernie Sanders, who is running for president in 2020, has called a “starvation wage.”

While not all Republicans are opposed to raising the minimum wage, some – including White House economic adviser Larry Kudlow – think states should make those decisions, rather than the federal government.

Here’s a look at some of the states and cities where minimum wages are increasing on Monday:

New Jersey

In New Jersey, the minimum wage rose to $10 per hour, up from $8.85. The 13 percent increase is part of the state legislature’s five-year plan to increase wages to $15 per hour by 2024.

Oregon

Minimum wage workers in Oregon saw their hourly pay rise by $0.50 on Monday. The minimum wage is now $12.50 in Portland, $11 in more rural areas and $11.25 for everywhere in between.

Wages in the state are set to gradually increase through 2022.

Minneapolis, Minnesota

The minimum wage for small businesses in Minneapolis rose to $11 per hour – including those companies that have 100 employees, or less.

For larger businesses, the minimum pay rate increased to $12.25 per hour.

Large employers in the state will be required to adhere to an hourly wage rate of $15 by July, 2022.

Washington, D.C.

In the nation’s capital, wages increased to $14, from $13.25.

Chicago, Illinois

In the Windy City, the minimum wage rose to $13 per hour, up from $12.

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California

Several counties in California also hiked their minimum wages on Monday. In Berkeley, the new minimum wage is $15.59, up from $15. The same hike will affect workers in San Francisco.

In Los Angeles, minimum wages rose to $14.25 for employers with 26 or more employees – the same for Malibu.