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Story summary
- Senate Democrats unveiled a bill to raise the federal minimum wage to $25 by 2031.
- The bill phases the increase for firms with 500 employees or $1 billion revenue by 2031.
- Smaller firms must reach $25 by 2038.
- It ties the wage to two-thirds of the national median hourly pay and ends the tipped wage.
- Democrats frame the bill as part of an affordability agenda that also seeks higher overtime pay.
