Real and nominal value of the federal minimum wage, projected value under the Raise the Wage Act of 2017, and if it rose with total economy productivity, 1938–2016 and 2017–2024 (projected)
| Year | Real federal minimum wage (2016$) | Projected under The Raise the Wage Act of 2017* | At the pace of productivity growth | Projected Net Productivity | Nominal minimum wage | Projected nominal minimum wage |
|---|---|---|---|---|---|---|
| 1938 | $ 3.72 | $ 0.25 | ||||
| 1939 | $ 4.53 | $ 0.30 | ||||
| 1940 | $ 4.50 | $ 0.30 | ||||
| 1941 | $ 4.28 | $ 0.30 | ||||
| 1942 | $ 3.86 | $ 0.30 | ||||
| 1943 | $ 3.64 | $ 0.30 | ||||
| 1944 | $ 3.58 | $ 0.30 | ||||
| 1945 | $ 4.66 | $ 0.40 | ||||
| 1946 | $ 4.30 | $ 0.40 | ||||
| 1947 | $ 3.76 | $ 0.40 | ||||
| 1948 | $ 3.48 | $ 5.46 | $ 0.40 | |||
| 1949 | $ 3.53 | $ 5.55 | $ 0.40 | |||
| 1950 | $ 6.53 | $ 5.97 | $ 0.75 | |||
| 1951 | $ 6.05 | $ 6.14 | $ 0.75 | |||
| 1952 | $ 5.94 | $ 6.32 | $ 0.75 | |||
| 1953 | $ 5.89 | $ 6.53 | $ 0.75 | |||
| 1954 | $ 5.85 | $ 6.64 | $ 0.75 | |||
| 1955 | $ 5.87 | $ 6.91 | $ 0.75 | |||
| 1956 | $ 7.71 | $ 6.92 | $ 1.00 | |||
| 1957 | $ 7.47 | $ 7.11 | $ 1.00 | |||
| 1958 | $ 7.26 | $ 7.25 | $ 1.00 | |||
| 1959 | $ 7.21 | $ 7.52 | $ 1.00 | |||
| 1960 | $ 7.09 | $ 7.65 | $ 1.00 | |||
| 1961 | $ 8.07 | $ 7.89 | $ 1.15 | |||
| 1962 | $ 7.99 | $ 8.18 | $ 1.15 | |||
| 1963 | $ 8.57 | $ 8.47 | $ 1.25 | |||
| 1964 | $ 8.46 | $ 8.74 | $ 1.25 | |||
| 1965 | $ 8.33 | $ 9.01 | $ 1.25 | |||
| 1966 | $ 8.09 | $ 9.29 | $ 1.25 | |||
| 1967 | $ 8.79 | $ 9.40 | $ 1.40 | |||
| 1968 | $ 9.68 | $ 9.68 | $ 1.60 | |||
| 1969 | $ 9.26 | $ 9.72 | $ 1.60 | |||
| 1970 | $ 8.83 | $ 9.85 | $ 1.60 | |||
| 1971 | $ 8.46 | $ 10.22 | $ 1.60 | |||
| 1972 | $ 8.22 | $ 10.49 | $ 1.60 | |||
| 1973 | $ 7.73 | $ 10.75 | $ 1.60 | |||
| 1974 | $ 8.79 | $ 10.58 | $ 2.00 | |||
| 1975 | $ 8.52 | $ 10.81 | $ 2.10 | |||
| 1976 | $ 8.83 | $ 11.11 | $ 2.30 | |||
| 1977 | $ 8.30 | $ 11.24 | $ 2.30 | |||
| 1978 | $ 8.95 | $ 11.35 | $ 2.65 | |||
| 1979 | $ 8.94 | $ 11.37 | $ 2.90 | |||
| 1980 | $ 8.60 | $ 11.28 | $ 3.10 | |||
| 1981 | $ 8.49 | $ 11.53 | $ 3.35 | |||
| 1982 | $ 8.01 | $ 11.36 | $ 3.35 | |||
| 1983 | $ 7.68 | $ 11.70 | $ 3.35 | |||
| 1984 | $ 7.37 | $ 12.00 | $ 3.35 | |||
| 1985 | $ 7.13 | $ 12.20 | $ 3.35 | |||
| 1986 | $ 7.00 | $ 12.45 | $ 3.35 | |||
| 1987 | $ 6.77 | $ 12.52 | $ 3.35 | |||
| 1988 | $ 6.53 | $ 12.66 | $ 3.35 | |||
| 1989 | $ 6.26 | $ 12.76 | $ 3.35 | |||
| 1990 | $ 6.77 | $ 12.95 | $ 3.80 | |||
| 1991 | $ 7.31 | $ 13.05 | $ 4.25 | |||
| 1992 | $ 7.13 | $ 13.52 | $ 4.25 | |||
| 1993 | $ 6.95 | $ 13.57 | $ 4.25 | |||
| 1994 | $ 6.81 | $ 13.70 | $ 4.25 | |||
| 1995 | $ 6.65 | $ 13.70 | $ 4.25 | |||
| 1996 | $ 7.24 | $ 14.03 | $ 4.75 | |||
| 1997 | $ 7.68 | $ 14.23 | $ 5.15 | |||
| 1998 | $ 7.58 | $ 14.51 | $ 5.15 | |||
| 1999 | $ 7.42 | $ 14.86 | $ 5.15 | |||
| 2000 | $ 7.18 | $ 15.21 | $ 5.15 | |||
| 2001 | $ 6.98 | $ 15.45 | $ 5.15 | |||
| 2002 | $ 6.87 | $ 15.88 | $ 5.15 | |||
| 2003 | $ 6.72 | $ 16.40 | $ 5.15 | |||
| 2004 | $ 6.54 | $ 16.84 | $ 5.15 | |||
| 2005 | $ 6.33 | $ 17.13 | $ 5.15 | |||
| 2006 | $ 6.13 | $ 17.23 | $ 5.15 | |||
| 2007 | $ 6.77 | $ 17.35 | $ 5.85 | |||
| 2008 | $ 7.30 | $ 17.38 | $ 6.55 | |||
| 2009 | $ 8.11 | $ 17.74 | $ 7.25 | |||
| 2010 | $ 7.98 | $ 18.26 | $ 7.25 | |||
| 2011 | $ 7.74 | $ 18.28 | $ 7.25 | |||
| 2012 | $ 7.58 | $ 18.39 | $ 7.25 | |||
| 2013 | $ 7.47 | $ 18.44 | $ 7.25 | |||
| 2014 | $ 7.35 | $ 18.54 | $ 7.25 | |||
| 2015 | $ 7.34 | $ 18.64 | $ 7.25 | |||
| 2016 | $ 7.25 | $ 7.25 | $ 18.66 | $ 18.66 | $ 7.25 | $ 7.25 |
| 2017 | $ 9.04 | $ 18.96 | $ 9.25 | |||
| 2018 | $ 9.65 | $ 19.27 | $ 10.10 | |||
| 2019 | $ 10.27 | $ 19.57 | $ 11.00 | |||
| 2020 | $ 10.95 | $ 19.89 | $ 12.00 | |||
| 2021 | $ 11.58 | $ 20.25 | $ 13.00 | |||
| 2022 | $ 11.75 | $ 20.61 | $ 13.50 | |||
| 2023 | $ 12.12 | $ 20.98 | $ 14.25 | |||
| 2024 | $ 12.46 | $ 21.36 | $ 15.00 |
Note: The productivity series is total economy productivity net depreciation, indexed to the 1968 real value of the minimum wage. Minimum wage values are in 2016 dollars deflated by the CPI-U-RS. Projections for productivity growth and the real value of the minimum wage under the Raise the Wage Act of 2017 use CBO (2017).
Source: EPI analysis of the Raise the Wage Act of 2017, Fair Labor Standards Act and amendments, Current Population Survey Outgoing Rotation Group microdata, unpublished Total Economy Productivity data from Bureau of Labor Statistics Labor Productivity and Costs program, and CBO (2015)