What You Need to Know About The U.S. Federal Reserve’s $15 Minimum Wage and Other Policies

Posted November 11, 2018 06:05:01Federal Reserve Chairman Jerome Powell says his agency’s latest policy announcement will help stabilize the economy and is the best of its kind.

Powell is scheduled to give the Federal Reserve System’s annual meeting Tuesday.

The new policy, which takes effect from Monday, allows for workers to make up to $15 an hour if they are full-time workers.

The wage is $7.25 for tipped workers.

The minimum wage in the U..

S., like in other advanced economies, has fallen in recent years.

The U-6 minimum wage, for instance, was $7 a hour in 2018, down from $9 in 2011.

The minimum wage is indexed annually.

A recent report from the Congressional Budget Office showed the federal minimum wage could fall to $9 by 2023, the year before the next federal budget is expected.

In its latest policy, the Fed said it is working with employers and states to create a flexible schedule for the hiring of full- and part-time and temporary workers, and to improve the access to affordable childcare, including for low-income children.