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IPFS News Link • Minimum Wage

Newsom Signs $25 Minimum Wage Law For ALL Hospital Workers,

• https://www.zerohedge.com by Monica Showalter

Governor Hairspray doesn't pay attention much to California's budget numbers when he signs off on a bill. It's as if putting on a green visor would mess up his costly coif.

So, in no surprise to the rest of us, Gavin Newsom was in for a surprise.

According to the Los Angeles Times:

SACRAMENTO —  When Gov. Gavin Newsom signed a law that set a first-in-the-nation minimum wage for healthcare workers, three words in a bill analysis foretold potential concerns about its cost: "Fiscal impact unknown."

Now, three weeks after Newsom signed SB 525 into law — giving medical employees at least $25 an hour, including support staff such as cleaners and security guards — his administration has an estimated price tag: $4 billion in the 2024-25 fiscal year alone.

Half of that will come directly from the state's general fund, while the other half will be paid for by federal funds designated for providers of Medi-Cal, California's Medicaid program, according to Newsom's Department of Finance.


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