Minimum Wage of the Day: San Francisco Reclaims #1, at $10.55 Per Hour

On New Year's Day last year, the minimum wage in San Francisco -- which increases automatically in connection with the Consumer Price Index -- rose to $10.24, the nation's first minimum wage to top the $10 mark.

Three months later, on March 1st, Santa Fe did the Bay Area city five cents better, raising the minimum wage in the nation's highest state capital to $10.29.

Yesterday, San Francisco reclaimed the title, pushing its minimum wage up to $10.55. But Santa Fe, whose living wage law is also tied to the CPI, could be right on its heels in a few weeks.

Unfortunately, the increase in the Payroll Tax, part of the "Fiscal Cliff" deal signed by President Obama last night, will wipe out most of those gains for minimum wage workers.

Top image: Shutterstock / Andy Piatt.