By Kate Rogers
CNBC, June 30, 2015
As advocates work to raise the federal minimum wage, the Obama Administration is taking action where it can to fight income inequality. President Barack Obama late Monday introduced a proposal to extend overtime payment to more white-collar workers. Obama unveiled his plan to extend overtime protections to nearly 5 million workers in 2016. ...
The current federal minimum wage is $7.25 an hour.
Beyond smaller employers, some of America's largest businesses already have raised wages above $7.25 an hour, the federal minimum.
The Gap announced hikes for workers in February 2014, while Wal-Mart and TJX Companies announced raises for workers in February this year. Target followed suit, announcing it would be boosting wages. McDonald's in April said it was raising wages for workers at store owned-locations. Even Facebook joined the fray in May, announcing wage hikes for the vendors and contractors it works with.
"We've always thought a federal $12 by 2020 was reasonable," said Holly Sklar, chief executive of Business for a Fair Minimum Wage, an advocacy group. Congressional democrats are pushing for $12 an hour, while fast food workers are fighting for $15 an hour.
Sklar added the fight will heat up come 2016. "In a way, these moves show that and add pressure to raise the federal wage floor," she said. ...
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