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| Tuesday, 19 August 2008 |
BUSINESS SPOTLIGHT
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Minimum wage will be increased from $5.85 to $ 6.55 this Thursday--the second of three increases that are required by a law put into place in 2007. It will be $7.25 some time next year.
On the upside minimum wage rises 70 cents. The downside? High gas and food prices. And not to mention, small businesses will have to deal with the new minimum wage by raising prices.
According to the Labor Department the country is seeing the fastest inflation since 1991. Energy costs have gone up 25 percent and food has gone up over 5 percent.
With this raise in minimum wage approximately 2 million workers will get a raise, next year the toal will be 5 million.
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