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L.A. city council votes to raise minimum wage to $15 per hour

On Wednesday, the Los Angeles City Council approved an ordinance that would raise the city's minimum wage to $15 within the next five years. If Los Angeles Mayor Eric Garcetti (D) signs the ordinance, Los Angeles will begin to raise its minimum wage from $9 an hour to $10.50 an hour in 2016. That rate would then continue through 2020, when it would finally reach $15 an hour. 

CBS Los Angeles reports that small businesses — defined as those with 25 or fewer employees — would have an extra year to implement the minimum wage increase. Officials told the news channel that the city may increase its minimum wage again in 2022 to keep up with the cost of living in Los Angeles.