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Mo. Minimum Hourly Wage Increasing to $7.50 in 2014

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ST. LOUIS (KMOX) - The Missouri minimum hourly wage will increase 15 cents to $7.50 at the start on 2014.

In a news release Friday morning, the Missouri Department of Labor announced the slight increase. The department calculates the minimum wage each year based on cost of living expenses as outlined in the Consumer Price Index.

Under state law, retail and service businesses whose annual gross sales are less than $500,000 are exempt from paying the minimum wage.

Employees who rely heavily on tips must be paid at least $3.75 in order to bring their total hourly compensation to $7.50.

The federal minimum wage is $7.25. Under state law, the Missouri minimum wage must remain at or above the national rate. The minimum hourly wage in neighboring Illinois is $8.25.

The new minimum wage goes into effect on January 1, 2014.

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