Seattle expected to approve the nation's highest minimum wage at $15 per hour

At $15 per hour, Seattle is set to have the nation's highest minimum wage. The ordinance, which is expected to be approved by the city council today, would implement the new wages over the next three to seven years, depending on the size of the business and employee benefits.

Since the Washington city is expensive to live in, proponents of the ordinance like venture capitalist Nick Hanauer say the new rate is a "good solid number" for Seattle citizens to live on. "Fifteen dollars is a very conservative number that we know for certain the economy can support," he said. The ordinance was crafted by a group of business, labor, and nonprofit professionals.

The changes will start being phased in next April.

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