Five Things to Know About the Proposed Minimum Wage Hike

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Tuesday, San Francisco voters head to the polls to vote for (or against) elected officials, and decide the fates of a roster of ballot measures. There are health-related topics, like a proposed tax on sugar-sweetened beverages, a development initiative for Pier 70, and Prop J, a proposed increase to the San Francisco minimum wage. Yes, our city already boasts the highest minimum wage in the country, ($10.74 per hour), but the only way to stay at the top is to plan for the future. According to CNN Money, "more than half of San Francisco's minimum wage workers are in just three industries: retail, restaurants and social services," so the city's fashion industry will definitely notice the change. Before you hit the polls tomorrow, here are five things you should know about the proposed minimum wage hike.

1. The increase would be gradual.
The first increase for San Francisco workers would be a raise to $12.25 per hour on May 1, 2015. After that, there would be annual increases until the minimum wage reaches $15 per hour on July 1, 2018.

2. The increases don't stop in 2018.
Though the target minimum wage under the proposition is $15 per hour, the ballot measure states that the amount would continue to increase annually on July 1 "by an amount corresponding to the prior year's increase, if any, in the Consumer Price Index" for the area.

3. The increase only applies to work in San Francisco.
The raise only applies to work performed for an employer within the geographic boundaries of the city.

4. The increase would total $31,000 per year for full-time minimum wage workers.
Researchers at Berkeley say that approximately 142,000 workers —23% of San Francisco's workforce— would receive a pay raise under the law. On average, those workers will earn an additional $2,800 a year under the increase, CNN Money reports.

5. Workers will get a raise, even if the measure fails.
San Francisco's minimum wage will increase to $11.05 next year regardless of the outcome of the vote, the San Francisco Business Times reports.

· San Francisco votes on $15 minimum wage [CNN Money]
· Chain Store Legislation Could Stifle Your SoulCycle Fix [Racked]