Paychecks Are Getting Bigger

But raises aren’t widespread yet. Neither is inflation.

The recent flurry of minimum-wage increases among companies, cities and states is welcome news for many workers. In April, for example, Wal-Mart hiked starting wages to $9 per hour (the federal minimum wage is $7.25 per hour), and McDonald’s announced that it would raise the minimum pay at restaurants it operates to an average of $9.90 per hour. Meanwhile, by the end of this year, 23 states, plus the District of Columbia, will have enacted minimum-wage increases for 2015 (some of which are inflation adjustments), and cities such as Chicago, San Francisco and Seattle have voted to lift the minimum wage to as much as $15 per hour starting in the next few years.

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Contributing Writer, Kiplinger's Personal Finance
Carolyn Bigda has been writing about personal finance for more than nine years. Previously, she wrote for Money, and is a regular contributor to the Chicago Tribune.