Will the federal minimum wage go up to $15 per hour? If President Joe Biden gets his way, it will. Biden recently released details about his $1.9 trillion COVID-relief stimulus package. Overall, the package is designed to provide crush the coronavirus and provide financial relief for Americans struggling during the pandemic. Although it's no surprise that Biden would want to increase the minimum wage, it wasn't expected in this stimulus package.
The president did try to tie the proposal to the pandemic, though. A summary of the plan noted that millions of Americans have put their lives on the line to keep the country running. "Let's not just praise them, let's pay them," it said. In a speech to the nation, Biden also said, "if you work for less than $15 an hour and work 40 hours a week, you're living in poverty."
The tipped minimum wage and sub-minimum wage for people with disabilities would also be eliminated under the Biden plan.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
[Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]
In a separate executive order, the president also directed the Office of Personnel Management to provide recommendations for promoting a $15-per-hour minimum wage for federal government employees.
The current federal minimum wage is $7.25 per hour. President Biden's proposal would more than double that amount. States can have their own minimum wage. They can be higher than the federal amount, but not lower.
Biden's plan also called for an additional round of stimulus checks, extended unemployment benefits, increased tax credits, and more. For more information, see 12 Ways the Biden Stimulus Package Could Put (or Keep) Money in Your Pocket.
-
-
Is Chevron Stock Set for a Rebound?
Chevron stock received its second analyst upgrade in as many days, boosting hopes for a recovery in the lagging energy major.
-
Where Americans Most Use Deals and Coupons
While you may not be an extreme couponer, you’ve probably had deals on your radar. Here's where shoppers practice the most savings strategies.
-
AI Regulation is Looming: Kiplinger Economic Forecasts
Economic Forecasts Find out what Washington and regulators have planned for artificial intelligence.
-
Your Monthly Student Loan Payments Could Be Slashed in Half
The Department of Education proposes a new student loan repayment plan. The new income-driven plan aims to help borrowers pay off their student loans.
-
What is Borrower Defense Loan Discharge for Federal Student Loans?
Borrower defense to repayment is available for borrowers who have been misled by a college or university.
-
Best Cash Back Credit Cards June 2023
Smart Buying Looking for the credit card that pays the most cash back? These lenders may pay hundreds of dollars, with minimum hassle.
-
I-Bond Rate Is 4.30% for Next Six Months
Investing for Income Bonds issued May 1 to October 31 will have a rate of 4.30%.
-
What Are I-Bonds?
savings bonds Inflation has made Series I savings bonds enormously popular with risk-averse investors. So how do they work?
-
Tax 2023: Is the Expanded Child Tax Credit Gone for Good?
A power split in Congress for 2023 means key Democratic and Republican tax policies could be stalled.
-
Your Guide to Open Enrollment 2023
Employee Benefits Health care costs continue to climb, but subsidies will make some plans more affordable.
