The IL Senate Has Passed a $15 Minimum Wage, What Does It Mean for the QC?
The minimum wage in Illinois is going to see a big increase over the next few years.
According to News Channel 20 in Springfield, the Illinois Senate has passed a bill that would increase the state's minimum wage to $15 an hour by 2025. The measure passed with a 39-19 vote, and will now head to the House.
Currently, Illinois' minimum wage is $8.25. If this bill is signed into law, a $1.75 raise will happen by the end of 2019, with an additional $1 increase every year until 2025.
Small business owners are naturally concerned about the increase taking place, but lawmakers have a plan in place to help offset expenses. Companies with fewer than 50 employees would also receive a tax credit until 2030.
If the bill becomes law, things could get interesting for those who live and work in the Quad Cities. The minimum wage in Iowa is currently $7.25 an hour- already a full dollar less than Illinois. An increase to $10 an hour in Illinois by the end of the year could mean Iowa residents will end up flocking to the other side of the river to work, but restaurants, bars, and other businesses may struggle to pay their employees.
It remains to be seen if the bill will pass the House, but Illinois Governor J.B. Pritzker seems eager for it to happen. We'll see if neighboring states like Iowa, Wisconsin, and Missouri will follow suit with raising their wages. They may end up losing workers (and residents) if they don't.