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Money Matters: Chicago Minimum Waged Increased


Photo Credit: Google

According to WGN,  Chicago’s minimum wage has increased to $10.50 an hour.

The increase is part of a 2014 ordinance that will raise the minimum wage for all Chicago workers annually up to $13 per hour in 2019. Approximately 270,000 workers are receiving a raise Friday, including an estimated 42,000 who are receiving their first increase under the ordinance.

Minimum wage increases are phased in on an annual basis every July 1st with increases to $11 in 2017, $12 in 2018, and to a wage of $13 per hour in 2019.

It’s estimated that by 2019 the increases will have brought hundreds of thousands of workers out of poverty and add $860 million to Chicago’s economy.

Minimum wage increases beginning in 2020 will be tied to the rate of inflation but not to exceed 2.5 percent

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