Seattle Announces $15 Minimum Wage, Highest In The U.S.: 'After reaching $15 an hour, the city’s minimum wage will automatically climb by 2.4 percent each year regardless of the rate of inflation'

Think Progress reports:

Seattle will raise its minimum wage to $15 an hour over the coming years under a deal brokered by Mayor Ed Murray and blessed by labor and business groups alike, city leaders announced Thursday afternoon.

The new pay floor will phase in at different speeds for businesses of different sizes, but all employers will have to meet the $15 minimum wage by the end of the decade. Businesses with more than 500 employees nationwide will have a three-year phase-in period, while smaller employers get five years to ratchet up their payscales.

After reaching $15 an hour, the city’s minimum wage will automatically climb by 2.4 percent each year regardless of the rate of inflation. Even among states with relatively strong minimum wage laws, automatic increases are uncommon. Thursday’s deal will make Seattle the national leader on municipal minimum wage laws. Washington currently has the highest pay floor of any state at $9.32 per hour.

Some people really don't believe the demand for labor is a downward sloping curve! Good luck to those fast food workers in Seattle on keeping your job.