Earlier this month, on March 5, 2013, a bill was introduced to increase the federal minimum wage from the current hourly rate of $7.25 to $10.10. According to the proposed Fair Minimum Wage Act of 2013 (S.460, H.R. 1010), the minimum wage would increase by .95 each year for three years. Thereafter, the minimum wage would increase automatically as a result of cost of living factors. A hearing on the bill will be held on March 13, 2013 before the Senate Committee on Health Education, Labor and Pensions.