Boosting the federal minimum wage as President Barack Obama and congressional Democrats are proposing would increase earnings for more than 16.5 million people by 2016 but also cut employment by roughly 500,000 workers, Congress' nonpartisan budget analyst said Tuesday.
At the beginning of this month, New Jersey raised the minimum wage to $8.25 an hour, and a report by the Economic Policy Institute estimates millions of higher-earning workers in New Jersey and other states will see their salaries raised in order for companies to preserve the wage structure.
Despite staunch opposition from many in the business community, New Jersey voters on Tuesday approved a ballot question to increase the minimum wage from $7.25 an hour to $8.25 on Jan. 1 and then adjust it annually based on cost of living increases.
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