Vermont Hikes Minimum Wage to $10.50

Vermont is the latest state to approve a minimum wage hike.

The state's lawmakers passed a bill Saturday that raises the minimum wage in phases from $8.73 to $10.50 by 2018.

Gov. Peter Shumlin is expected to sign the bill, his office confirmed.

"We're raising the minimum wage higher in each of the next four years, joining a growing number of states nationwide that are moving on their own in the face of congressional inaction," Gov. Shumlin said in a prepared statement.

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