Jobs

Los Angeles Sets $15.25 Target for City’s Minimum Wage

Manufacturing
Thinkstock
In a measure introduced by the city’s mayor, the City Council of Los Angeles is now considering a proposal to raise the minimum wage in the city to $13.25 by 2017 and is also being asked to study raising the wage to $15.25 by 2019. Late last month the Los Angeles City Council approved a hike to $15.37 an hour for workers at the city’s large hotels (300+ rooms) beginning July 1, 2015.

There are more than half a million manufacturing workers in Los Angeles, the largest manufacturing center in the U.S. The Wall Street Journal has reported that half those workers earn less than the $13.25 an hour proposed by Mayor Eric Garcetti in a plan he first announced on Labor Day.

The chamber of commerce president has said that raising the minimum wage will cause layoffs, business relocations, and higher consumer prices. A fashion industry group’s president said that the mayor clearly doesn’t want manufacturing in the city: “It’s almost as if they’re saying, ‘Get out of town.’”

Garcetti has acknowledged that some jobs may leave for nearby towns where the minimum wage is a state-mandated $9 an hour. The mayor’s solution is to persuade the nearby towns to raise their pay minimum as well. Good luck with that Mr. Mayor.

ALSO READ: Jobless Rate Still Above 10% in Several Cities

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

1 https://www.fdic.gov/national-rates-and-rate-caps

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.