Bill > SB350

This bill, titled "Increase minimum wage & index to inflation," proposes to amend existing New Mexico law to raise the minimum wage and tie it to the cost of living. Specifically, it mandates that state employees and individuals employed by state educational institutions, excluding student employees, must receive a minimum wage of $10.10 per hour, referencing Section 50-4-22 NMSA 1978 for this rate. The bill also revises Section 50-4-22 to establish this $10.10 per hour minimum wage for state employees and for individuals working under state agency contracts valued at $50,000 or more, effective July 1, 2015. Furthermore, starting July 1, 2016, the state's minimum wage rates will be adjusted annually to reflect increases in the cost of living, measured by the consumer price index for all urban consumers, with any adjustments rounded to the nearest five cents and published by the governor each year, ensuring the minimum wage is never decreased due to a lower cost of living.