Minimum wage increases 25 cents

By: Staff Report

Posted: 7/2/09

Yesterday, the Illinois minimum wage increased from $7.75 to $8 per hour.

While many may be excited to receive the extra quarter for every hour, many small businesses will start to feel the pinch when trying to pay their employees.

The new state minimum wage is much higher than the national minimum wage, which is currently set at $6.55 and is expected to be raised to $7.25 by July 24.

According to the Illinois Department of Labor, more than 390,000 full time workers in Illinois will earn an additional $520.

This is great for helping to pay rent and making the extra dollar stretch a little further, but this will eventually mean raises in prices and inflation to allow for the business owners to keep up enough to pay their employees.