WASHINGTON, D.C.—U.S. Senator Frank R. Lautenberg (D-NJ) today announced his co-sponsorship of the Fair Minimum Wage Act of 2012.
The legislation, introduced by Senator Tom Harkin (D-IA), would increase the national minimum wage from $7.25 to $9.80 per hour over three years through annual 85-cent increases. After that three-year period, the minimum wage would be indexed to inflation to keep minimum wage workers in step with the economy.
“This legislation will help raise working families out of poverty and support local economies,” said Lautenberg. “Today’s minimum wage is far below historic standards, and this bill will give working Americans and local businesses a needed boost.”
This legislation also increases the minimum wage for tipped workers over a longer period of time, from $2.13 per hour to an adjusted level equal to 70 percent of the regular minimum wage.
Business groups typically oppose any move to increase the minimum wage, arguing that higher labor costs will force business owners to cut jobs.