As retirement savings shift from traditional pensions to retirement savings accounts, there is a growing disparity in retirement wealth between high-income and low-income workers. "It's like you got to balance and figure out where you're going to spend your money and what's going to have to wait," said Richard Franklin, a union janitor. The site is for informational purposes only and does not provide legal advice. Across the country, more seniors than ever cannot afford to retire and must continue working into their 60s and 70s, often in low-paying jobs. Under an ordinance approved by the city council, Kansas City votedto raise the minimum wage to $13 by 2020. The state’s current minimum wage is $7.85. Notably, the share of seniors age 65 and older in Missouri’s labor force has grown significantly in recent years. Email him at samuel@kcur.org and follow him on Twitter: @SamuelKingNews. Dec 16, 2020 @ 6:31am The Missouri Department of Labor and Industrial Relations has established the state minimum wage rate for 2021 at $10.30 per hour. The Missouri minimum wage, currently set at $7.85, will bump to $8.60 next year, then increase 85 cents each year thereafter until it reaches $12 in 2023. Basic Minimum Rate … Missouri voted in 2018 by statewide ballot measure to adopt a plan that will increase the minimum wage to $12 an hour effective Jan. 1, 2023. The most recent 2018 Missouri Economic Report noted that “[n]ationally, as well as statewide, the number of older Americans (65+) staying in the labor force is increasing.”. A full time worker earning minimum wage in Missouri makes just $16,000 a year. The 85-cent wage hike, which took effect Jan. 1, is part of a five-year series of raises voters approved by a wide margin in 2018. Pursuant to Proposition B, which was approved by Missouri voters on November 6, 2018, the minimum wage will increase 85 cents per hour each year through 2023. Thereafter, the minimum wage was set to increase or decrease each year based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). All employers subject to any provisions of the law shall post a summary of the law and regulations. [xiv] EPI analysis of Current Population Survey Outgoing Rotation Group microdata (2016) and CBO Economic Projections (June 2017). © 2018 National Employment Law Project. All private businesses are required to pay at a minimum, the $10.30 hourly rate, except retail and service businesses whose gross annual sales are less than $500,000. According to the Kaiser Family Foundation’s 2016 analysis of poverty data, 9.2 percent of adults in Missouri age 65 and older live in poverty based on the official poverty measure. Both states have referendums on the ballot on Nov. 6 that would bypass their legislatures to gradually raise the minimum wage employers are required to pay. Between 2007 and 2017, the labor force participation rate for seniors age 65 and older in Missouri increased by 42 percent, from 4.5 percent to 6.4 percent. Supporters said the … After the move by the local jurisdictions, the Missouri General Assembly approved legislation that prohibited local governments from raising their citi… [iii] Economic Policy Institute (EPI) analysis of Current Population Survey Outgoing Rotation Group microdata (2016) and CBO Economic Projections (June 2017) (the total of 677,000 includes workers who will be both directly and indirectly affected). Proposition B passed in Tuesday’s midterm election, meaning the minimum wage will gradually increase to $12 an hour by 2023. Voters in 2018 approved a plan to raise wages for some of the state’s lowest-paid workers. These are health care workers, classroom aides, janitors and waitresses who put in an honest day’s work and still struggle to get by. According analysis by EPI, Missouri’s workforce currently includes about 577,190 working seniors and near-retirees age 55 and over. JEFFERSON CITY, Mo. "And sometimes some things can't wait for people. [xvii] Missouri Economic Research and Information Center – Missouri Department of Economic Development, 2018 Missouri Economic Report, https://www.missourieconomy.org/pdfs/2018_MO_Economic_Report.pdf. Organizers for the Proposition B field effort said they knocked on 24,000 doors statewide over the weekend leading up to the election, making contact with voters. Nevada enacted … $9.45 An increase in the minimum wage to $12 will mean that Missouri seniors employed in low-wage jobs will be better able to afford the basics. , new York, NY 10004 and so then they lose everything because they do n't make enough to the! 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