There are 26 states that will increase their minimum wage in 2022. Employers are raising the base pay and workers will see serious financial gains, according to CNBC. Workers have been demanding $15 per hour. However, the increased inflation has meant that the base pay is not cutting it.
Activists have been calling for a pay higher than $15, pointing to inflation and surging prices of commodities. The implementation of a $15 an hour wage is a major win for fast-food workers that have been fighting for it since 2012. However, anti-poverty activists say its not enough as the cost of living in California continues to rise.
Investor Joe Sanberg has been campaigning to increase the minimum wage to $18 for all businesses by 2026. According to the LA Times, Sanberg started a campaign to get a ballot initiative in front of voters for California's election in November. A scarce labor market has forced the hand of many businesses to increase wages in order to attract and keep staff. The Bureau of Labor Statistics reported that salaries increased by 4.2% for the year ending in September 2021.
Amazon has been paying $15 per hour since 2018 and now will offer new hires $18 an hour this September. Costco is paying its employees $17 per hour since last October. With the start of the year, Hobby Lobby full-time employees will be paid $18.50 an hour. T-Mobile is paying its employees $20 per hour. Bank of America is planning to increase its wages to $25 an hour by 2025.