An Executive order titled “Increasing the Minimum Wage for Federal Contractors” was published on November 24, 2021 and signed by President Joe Biden April 27, 2021. This order finalizes regulations to implement raising “the hourly minimum wage paid by those contractors to workers performing work on or in connection with covered Federal contracts to $15.00 per hour, beginning January 30, 2022.”
SHRM goes on to discuss the impact this could have on businesses not obligated by law to raise their minimum wage: “The tight labor market has given employees more leverage on pay, and many organizations have concluded that they need to raise compensation, especially among their lowest-paid workers, to attract needed talent. In recent months, some large banks, retailers and restaurant chains increased the minimum amount they pay their employees to $15 and even $20 per hour.”
Read the full story on SHRM here.