Minnesota looks to raise minimum wage to $9.50 by 2016

MSNBC reports that state legislators in Minnesota appear to have agreed to raise the minimum wage in the state – one of the lowest in the country – to $9.50 by 2016:

In a press conference on Monday, party leaders announced a
crucial—and much fought over—part of the bill: the state’s minimum wage
would be indexed—tied to inflation—starting in 2018, with an annual cap
of 2.5%, though the governor’s administration does have the right to
stop these automatic hikes.

While lawmakers had agreed on a $9.50 wage as early as last summer,
they spent months negotiating over these automatic increases.

Minnesota’s current minimum wage is among the lowest in the
nation—$5.25 for smaller companies, $6.15 for larger companies, though
many employees are paid the higher, federal minimum wage of $7.25. After
the hike, it will be among the highest minimum wages.