Puerto Rico to raise minimum wage for 1st time in 12 years

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor has signed a bill to increase the U.S. territory’s minimum wage for the first time in more than 12 years. The current minimum pay of $7.25 an hour will increase to $8.50 in January and to $9.50 in July 2023. A third increase to $10.50 is contemplated for July 2024, but would require further approval. Gov. Pedro Pierluisi said Tuesday that the first increase could represent an additional $2,000 a year for a full-time worker. Many cheered the move given the island’s high cost of living.