Posted on 24-Jul-08 by The Timekeeper

Well, I guess the headline says it all. Just a reminder to employers out there — today, July 24, 2008, the federal minimum wage goes up to $6.55 an hour. This increase is the second of three mandated by the Fair Minimum Wage Act of 2007. A third increase to $7.25 an hour will become effective on July 24, 2009.

Depending on who you listen to, this is either an economic disaster or the best thing to happen all year. I’m guessing it won’t be either one — businesses and workers will pretty much carry on as usual. Check back in six months to see who was right.

And a second reminder, just in case: states can overrule the federal minimum wage, but only if the state-mandated minimum wage is higher. So if your state has enacted a minimum wage of higher than $6.55 an hour, you need to pay the state minimum. But no matter what, you can’t pay less than the federal minimum for hourly non-tipped workers.

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