The Executive Order that implements these changes will also tie this new minimum wage to inflation and adjust accordingly annually, eliminate the tipped minimum wage for federal contractors by 2024, and extends the required $15 minimum wage to federal contract workers with disabilities.
"But Jon," you ask, "I'm not a federal contractor; why should I care?"
You should care because this Executive Order will move the minimum wage needle. Other companies will have to begin voluntarily offering a $15 minimum wage because to compete in the job market for new hires. As a result, eventually and over time a $15 minimum wage will spread to all employers nationwide. If Congress won't act on this issue, President Biden will force employers to act on their own.
* Photo by Sharon McCutcheon on Unsplash