If a group of Chicago aldermen’s plans prove successful, the minimum wage for the Illinois city could be increased to $15 per hour.
The officials worked to introduce a proposal on Wednesday that would boost the city’s minimum wage.
It’s been noted that a separate minimum wage proposal was put together by a panel Chicago Mayor Rahm Emanuel appointed.
That panel included aldermen in addition to Chicago business leaders and labor officials.
It’s also possible that a minimum wage hike could come by way of a vote in November.
Reports indicate that Illinois voters might be asked whether or not it’s desirable to see the minimum wage increased to $10 per hour from the current $8.25.
— Mary Ann Ahern (@MaryAnnAhernNBC) May 28, 2014
“Study after study demonstrates that when you put money into the pockets of consumers, they spend it,” said Alderman Ricardo Munoz. “They don’t hoard it in their mattresses.”
The logic behind the hike is that providing Chicago workers with a minimum wage that increases one’s “livable wages” means that in addition to having an easier time paying necessary bills, there will be enough money left to spend on local businesses.
These businesses would in turn be able to better pay employees at every level.
— Chicago Tribune (@chicagotribune) May 20, 2014
At least, this is the hope behind minimum wage hikes that are taking place across the country.
President Barack Obama wants Congress to raise the federal minimum wage to $10.10 per hour.
Upwards of 38 states could be making adjustments to the minimum wage in the coming years.
Michigan intends to raise their minimum wage to $9.25 per hour by the year 2018.
— CCTVNEWS (@cctvnews) May 23, 2014
For Chicago, the move is meant to keep the city competitive as the standard of living is among the highest in the state.
Not everyone is thrilled with the idea of a minimum wage hike. The Chicagoland Chamber of Commerce believes such an increase would put the state of Illinois, and most especially Chicago, “at a competitive disadvantage”.
Image via Wikimedia Commons