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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 30, 2015.
Raise the Wage Act
This bill amends the Fair Labor Standards Act of 1938 (FLSA) to increase the federal minimum wage for employees to: (1) $8.00 an hour on January 1, 2016, or, if later, on the first day of the third month after enactment of this Act; (2) $9.00 an hour after one year; (3) $10.00 an hour after two years; (4) $11.00 an hour after three years; (5) $12.00 an hour after four years; and (6) the amount the Secretary of Labor determines (based on increases in the median hourly wage of all employees) after five years, and annually thereafter.
The federal minimum wage for tipped employees shall increase to $3.15 an hour for one year on January 1, 2016, or the first day of the third month after enactment of this Act, whichever is later. Subsequent annual adjustments of the wage increase, according to a specified formula, shall ensure that it remains equal to the wage in effect under FLSA for other employees.
Employers must notify their employees of the right to retain any received tips.
The separate minimum wage requirements for tipped employees shall end, effective one day after the hourly wage established for them under this Act takes effect.
The Secretary must publish any increase in the minimum wage in the Federal Register and on the Department of Labor's website 60 days before it takes effect.