HireCentrix News - News Articles

NEW YORK (CNNMoney) -- Minimum-wage workers in eight states could see their paychecks grow by hundreds of dollars next year, thanks to automatic annual increases in the rates.

Colorado, Montana, Ohio, Washington and Oregon recently announced their 2012 minimum wages, which contain bumps ranging from 28 cents to 37 cents per hour. This translates into annual raises of between $582 and $770 for full-time workers at that end of the pay scale depending on where they live.

Washington workers enjoy the highest minimum wage, which will rise to $9.04, a boost of 37 cents per hour and $770 per year.

Arizona, Florida and Vermont are expected to announce the increases in their rates in coming weeks.

These states are taking action because their laws require that their minimum wages adjust annually to keep pace with inflation.

The rate increases come at a time when many Americans are seeing their incomes stagnate. For those in the middle of the pay scale, income fell to $49,445 last year, when adjusted for inflation, a level not seen since 1996, according to census figures. And over the 10-year period, their income is down 7%.

Faces of poverty

The federal minimum wage stands at $7.25, which is just over $15,000 a year for a full-time worker. That's less than the poverty rate for a family of four.

read more http://money.cnn.com/2011/10/03/news/economy/minimum_wage/

Comments: