White House, Congress Agree to $1 Minimum-Wage Increase
Knight Ridder/Tribune News Service (10/26/00) Vol. 104, No. 42 p.7; Koszczuk, Jackie

The White House and Congress have agreed, as part of an overall tax-relief package, to raise the federal minimum wage by $1 over the next two years and to raise the amount that people can invest in tax-deferred pension plans. The wage increase will raise the minimum from $5.15 per hour to $6.15 per hour, and in return it will be accompanied by $30 billion in tax breaks for small businesses over 10 years. The annual contribution limit for employer 401(k) plans will go up from $10,000 to $15,000, and the legislation will remove barriers to rolling over pension accounts from one workplace to another when employees change jobs.

Back   |  IRA.com Home   |  News Archive