Table 1
Federal minimum wage benchmarks
| Federal minimum wage | Raise the Wage Act of 2015 – $12 by 2020 | Raise the Wage Act of 2017 – $15 by 2024 | ||
|---|---|---|---|---|
| In 1968 | In 2016 | In 2020 | 2024 | |
| Standard of living benchmarks | ||||
| Nominal value | $1.60 | $7.25 | $12.00 | $15.00 |
| Real value (2016$) | $9.68 | $7.25 | $10.95 | $12.46 |
| Percent of 1968 value (based on CPI-U-RS) | 100.0% | 74.9% | 113.1% | 128.8% |
| As a percent of net productivity (average output per hour worked) in total economy | 33.7% | 13.3% | 18.0% | 19.30% |
| Wage distribution benchmarks | ||||
| As a percent of national FTFY median wage | 52.1% | 34.6% | 51.6% – 52.9% | 57.6% – 60.2% |
| Share of workforce at or below the minimum wage assuming 2016 wage distribution | n.a. | 6.1% | 19.9% – 20.3% | 27.5% – 28.4% |
| Share of workforce directly affected (EPI model) | 14.2% | 15.8% | ||
| Real wage income increase of directly affected workforce (EPI model) | 17.9% | 31.3% | ||
Note: The Raise the Wage Act of 2015 calculation assumes the first increase took place in 2016. Range of estimates for the ratio of the minimum to median wage and the share of workforce under the minimum wage assumes either no real wage growth or 0.5% annual real wage growth from 2017 onward. EPI model projections assume 0.5% annual real wage and account for scheduled state and NYC minimum wage increases.
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