On Monday January 14, 2013 a bill was introduced in the United States House of Representatives and referred to the Committee on Education and the Workforce proposing a change to the minimum wage guaranteed by the Fair Labor Standards Act.
The proposed bill would peg the minimum wage to a number that is sufficient to equal 115% of the federal poverty threshold for a family of two based upon an individual working 2080 hours per year. The minimum wage would be adjusted every four years to reflect any change in the poverty threshold. Recent statistics (from 2011) show the federal poverty threshold for a family of two to be $15,504. If the bill were passed as written, using the new formula, the minimum wage would increase from $7.25/hour to $8.57/hour.
A copy of the bill can be found here: http://www.govtrack.us/congress/bills/113/hr229/text
Check back in the coming months for updates on this bill as it attempts to make its way through Congress.
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