MINIMUM WAGE: Minnesota lawmakers have a deal - My29 WFTC Minneapolis-St. Paul

MINIMUM WAGE: Minnesota lawmakers have a deal

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ST. PAUL, Minn. (KMSP) -

Minnesota lawmakers have reached a deal with House and Senate leaders approving a $9.50 minimum wage for large companies, indexed to inflation.

The bill passed out of the Senate Finance Committee on Monday afternoon on a 12-8 vote.

NEXT STEPS

Lawmakers outlined terms on Monday, and legislation could move through both chambers this week and a full Senate vote scheduled for Wednesday and a House vote by Thursday. Gov. Mark Dayton said he would sign the bill.

WHAT YOU NEED TO KNOW

The House and Senate agreed to phase in the hike by 2016, which means most large businesses would have to pay employees $9.50 an hour at that time.

Lawmakers agreed to index the minimum wage for inflation starting in 2018 with an annual cap of 2.5 percent, so in the first year of inflation, a worker could make $9.74 an hour at the most.

Minnesota's lower minimum wage would stay intact for small companies with annual gross sales below $500,000. For those companies, minimum wage would top out at $7.75 in 2016.

"I congratulate the House and Senate leaders for reaching agreement on Minimum Wage legislation. I am very pleased that it will raise Minnesota's minimum wage to $9.50 per hour, and index it to inflation. I look forward to signing this legislation into law," Gov. Mark Dayton said in a news release.

At the last conference committee session, the House offered an inflator mechanism that measures inflation based upon growth in gross domestic product (GDP) instead of the consumer price index (CPI). Senate negotiators still rejected it.

EXPLAINER: Minnesota minimum wage negotiations

FACT SHEET: 8 facts about minimum wage in Minnesota

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