Nov 14, 2015 01:57 AM EST
Following quite a while of expectation, the City Council of Berkeley, California chose not to take the dive on proposed $19, the lowest pay permitted by law when it met by Tuesday evening.
Had the Council given the approval, the $19 least would have been the highest in the United States so far.
Council members rather chose to have staff draft an ordinance according to an alternative proposal set forth by four council members. That proposal calls for a gradual raise of $15 by 2018 for huge organizations and by 2020 for little organizations, characterized as having 55 or less full-time representatives. It was according to Polly Armstrong, CEO of Berkeley Chamber of Commerce who was at the meeting, as reported by CNN Money.
Berkeley's present minimum wage permitted by law just reset to $11 an hour, up from $10 previously. What's more, its set to rise again to $12.53 by October 2016. The pay trek would be slower for smaller employees: from $12.53 to $13 to $13.60 to $14.25 and finally to $15 by the year 2020. A $15 minimum would put Berkeley's low-wage worker pay more comparable to that in the neighboring San Fransico and Emeryville.
But Armstrong says, once the ordinance is drafted, the chamber will even have a chance to roll out new improvements. Her expectation is that they will stick with $15 an hour, but may choose to change how rapidly it produces results, as reported by WMUR.
The minimum wage at its present level, "puts people in untenable positions of having to have two jobs", said Wendy Bloom, a resident, and registered nurse. Bloom also said, "it's tough to get by, especially as people working in Berkeley have to move farther and farther from their jobs because housing is so expensive".
Entrepreneurs, however, were concerned that raising the lowest pay permitted by law by more than half could mean higher costs, fewer employment chances for entry level workers and some small organizations going tummy up.
"You will end up with a city of chain stores and restaurants instead of the mom-and-pop stores we all love", said Armstrong according to Click On Detroit.
Despite the fact that the council backed away from the $19 idea for now, Armstrong said, there's nothing preventing the gathering from returning in a couple of years to raise the compensation even more.
Journalists love their jobs because they get to interact with people from all sorts of backgrounds and expertises, then turn around and share their knowledge with the world.
As the metaverse takes over more of our digital lives, the commoditization of all aspects of our virtual beings becomes more and more of a reality.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
Bitcoin and cryptocurrency in general guarantee some amazing profits if invested correctly.
In the currency trading business, many individuals make mistakes. Since most individuals join this profession with too much excitement, they forget about efficient strategies. Instead of controlling their investment and execution process, most individuals make poor choices for trading.
In today's digital world, more and more people are investing in cryptocurrencies. These digital tokens have exploded into popularity over the past few years, and have grown to the point that there are now nearly over 6,000 of them, according to Statista.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.