Bill > HB05703

This bill proposes to modify the existing law regarding annual minimum wage increases by establishing a new calculation method that limits the yearly wage increase to either a maximum of ten cents per hour or the percentage change in the employment cost index (ECI), whichever amount is lower. The employment cost index is an economic indicator published by the U.S. Bureau of Labor Statistics that measures the change in wages and salaries paid across different industries and regions, providing a standardized way to track labor cost fluctuations. By implementing this approach, the bill aims to create a more controlled and predictable mechanism for minimum wage adjustments that can adapt to economic conditions while preventing potentially significant sudden increases. This method provides flexibility for economic variations while also placing a cap on the annual minimum wage increase, which could help businesses better plan for labor costs and potentially reduce the financial burden of rapid wage escalation.

Labor and Employment

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05703&which_year=2025