$15 Minimum Wage Approved in Los Angeles

10470693456_d4105ff718_zThe Los Angeles city council tentatively approved a $15 minimum wage at it’s meeting Wednesday. The wage will be increased up to $15 an hour by 2020.

But a third and final vote was scheduled for next Wednesday because the latest tally of 13-1 was not unanimous.

“With this vote, the minimum wage will no longer be a poverty wage in Los Angeles,” Mayor Eric Garcetti said in a statement that comes two weeks after a 14-1 preliminary vote on measure.

The vote would more than double the current federal minimum of $7.25, with increases starting with an hourly wage of $10.50 in July 2016, followed by annual increases to $12, $13.25, $14.25 and then $15. Small businesses and nonprofits would be a year behind.

Find out more at CBS Money Watch.

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