Personal finance

Biden’s $15 minimum wage hike for federal agencies is now in effect

Products You May Like

U.S. President Joe Biden delivers remarks alongside Intel CEO Patrick Gelsinger (L) and Commerce Secretary Gina Raimondo as he speaks about the ongoing supply chain problems in the South Court Auditorium of the Eisenhower Executive Office Building on January 21, 2022 in Washington, DC.
Chip Somodevilla | Getty Images

Some federal employees just got a raise.

Federal agencies were told on Friday to raise the minimum wage to $15 for workers in accordance with President Joe Biden’s executive order, per a memo from the Office of Personnel Management.

Because of the directive, 67,000 out of 2.2 million government employees will get a raise, according to a Friday statement from the agency. Of those, more than 56,000 work at the Department of Defense and the remainder largely work at either the Department of Agriculture or Veteran’s Affairs.

More from Invest in You:
The ‘Great Resignation’ is being led by low-wage and minority workers
Why 26% of Americans expect their financial situation to be worse in 2022
How these entrepreneurs reinvented themselves after quitting their jobs

Still, the increased pay applies to all executive branch agencies except for the U.S. Postal Service and Postal Regulatory Commission. The pay bump must be implemented by Jan. 30, the Labor Department announced in November.

Biden campaigned on raising wages for low- and middle-class workers, and in April 2021 signed an executive order increasing the minimum wage for federal employees to $15.

“As the largest employer in the country, how the federal government treats its workforce has real impact,” Kiran Ahuja, director of the Office of Personnel Management, said in a statement.

The Biden-Harris Administration believes that the federal workforce should be treated with dignity and respect. Raising pay rates across the federal government to a minimum of $15 per hour reflects our appreciation for the federal workforce and our values as a nation,” Ahuja added.

Products You May Like

Articles You May Like

BlackRock expands its tokenized money market fund to Polygon and other blockchains
Young adults in Puerto Rico are struggling financially. Here’s what that means and why some return
Disney earnings offer hope that streaming can successfully supplant linear TV
Even U.S. presidents make mistakes with their money, author says. Here’s how some struggled
Big retirement rule changes are coming in 2025 — here’s how you can save more money

Geef een reactie