Bill > S3

This bill increases the minimum wage in New Jersey to $8.50 per hour, effective July 1, 2012, and then mandates annual adjustments to this rate starting in calendar year 2013. These adjustments will be made by the Commissioner of Labor and Workforce Development by March 31st of each year, directly reflecting any increase in the Consumer Price Index for all urban consumers in the New York City and Philadelphia areas, as reported by the U.S. Department of Labor, with the adjusted rate becoming effective on July 1st of that year. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. This bill amends existing law that previously set the minimum wage at $7.15 per hour as of October 1, 2006, and established a framework for future increases.