$15 Minimum Wage
The Chicago Minimum Wage Ordinance raises the city’s minimum wage annually by the rate of inflation, with a cap of 2.5%. The city’s minimum wage increased to $14 per hour on July 1, 2020 and will increase to $15 per hour on July 1, 2021.
The minimum wage ensures a minimum standard of living and protects worker health and well-being.
A 10% increase in the minimum wage boosts average incomes by 1.2%.
The $15 minimum wage will lift 100,000 Chicago workers out of poverty.
The average wage needed to afford a modest one-bedroom apartment in Illinois is $16.36 per hour for a full-time worker.
The share of renters who are housing cost burdened will decrease by 20% in Chicago with a $15 minimum wage.
The $15 minimum wage will boost worker earnings across Illinois, with the largest impacts occurring outside of the Chicago region. The policy change will raise incomes for workers by about…
$4,000 in the Chicago area.
$8,000 in the Springfield and Bloomington-Normal areas.
$7,000 in the Rockford and Champaign-Urbana areas.
$6,000 in the St. Louis area.
Increasing the minimum wage to $15 an hour will boost the economy. Research finds little to no significant impact of minimum wage laws on employment or hours worked.
The $15 minimum wage will lift more than 200,000 Illinois workers out of poverty.
States with higher minimum wages have recently had higher job growth.
An additional $380 million in annual state tax revenue will be generated.