The last increase in the federal minimum wage was passed into law four years ago today, but the current minimum wage falls far short of meeting the needs of the average worker. To match the buying power of the 1968 minimum wage, for instance, today's would need to be increased to $10.55 an hour.This is what's called an unsustainable economy.
In 2011, more than one in four private sector jobs (26 percent) were low‐wage positions paying less than $10 per hour. These jobs, moreover, were concentrated in industries where low‐wage workers make up a substantial share – in some cases more than half – of the entire workforce.[Meanwhile] chief executives continue to rake in massive salaries, as AlterNet's Sarah Jaffe notes. At the 50 companies that employ the largest number of low-wage workers, CEOs made an average of $9.4 million — roughly 450 times more than the gross income of a full-time worker who makes $10 an hour.
Posted by Melissa McEwan at Tuesday, July 24, 2012
26%: The percentage of private sector workers making less than $10 an hour, according to a National Employment Law Project report (pdf).