Raising Maine’s Minimum Wage to $12 by 2020: The Impact on Seniors

Maine voters this November will have the opportunity to gradually raise the state’s minimum wage from its current level of $7.50 per hour to $12 per hour by 2020. A $12 minimum wage by 2020 would raise wages for 181,000 Maine residents, including more than one in three working seniors. Seniors are among the fastest-growing age groups in Maine’s labor force, and a significant number of them work in low-wage occupations. Maine seniors who would see higher wages from a $12 minimum wage would find it easier to make ends meet. The impact of the higher minimum wage on consumer prices is estimated to total less than 1 percent over several years, so it will be more than offset by the higher minimum wage. A higher minimum wage would also boost seniors’ Social Security income and allow workers to better save for retirement.

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