The Impact of Raising the Minimum Wage

The potential benefit of a $15 minimum wage is that it could benefit nearly 40 million workers and provide some of the lowest-wage workers with an average annual wage boost of about $6,000.

The federal minimum wage was last raised on July 24, extending the longest period in its history without an increase to 14 years.

If the minimum wage is raised to $15, approximately 1 in 4 workers, or nearly 40 million workers, could see an increase in wages.

<p>Some of the lowest-wage workers could expect an annual wage increase as large as $8,000 with a $15 minimum wage.</p> Signup and view all the answers

<p>A $15 minimum wage would help reduce gender, racial, and ethnic wage gaps for women, Black, and Latino workers who are overrepresented among those earning less than $15 per hour.</p> Signup and view all the answers