October 2, 2008 in Business

Minimum wage will rise to $8.55

 

Washington’s minimum wage is increasing to $8.55 an hour next year.

The 48-cent increase takes effect Jan. 1. The yearly jump in pay is required by a voter initiative adopted 10 years ago.

The state Department of Labor and Industries recalculates the state’s minimum wage each September as required by Initiative 688.

Washington’s minimum wage applies to workers in both agricultural and nonagricultural jobs, although 14- and 15-year-olds may be paid 85 percent of the adult minimum wage, or $7.27.

The current minimum wage is $8.07 an hour.

BOISE

Micron reports deeper quarter loss

Memory chip maker Micron Technology Inc. said Wednesday its fiscal fourth-quarter loss widened as the industry continues to face oversupply problems and pricing pressures.

The company also said it will implement a 20 percent salary cut for senior executives to help cut costs.

For the quarter ending Aug. 28, Micron posted a net loss of $344 million or 45 cents per share, compared with a loss of $158 million, or 21 cents per share, in the same period a year earlier.

Revenue climbed less than 1 percent to $1.45 billion from $1.44 billion.

LOUISVILLE, Ky.

KFC, A&W, others to add calorie info

Fast-food company Yum Brands Inc. says it’s taking the guesswork out of counting calories.

The parent of KFC, Taco Bell, Pizza Hut, Long John Silver’s and A&W All-American Food said Wednesday it will add product calorie information to menu boards in company-owned restaurants nationwide.

“We believe this is the right leadership role … to provide more information so consumers can make better-informed purchase decisions about the food they eat,” Yum spokesman Jonathan Blum said.

Yum’s decision was cheered by a consumer watchdog group.

“It’s not going to defeat obesity instantly,” said Michael Jacobson, executive director of the Center for Science in the Public Interest. “But calorie labeling is one of many elements that needs to be adopted to help Americans lose weight.”

From wire reports


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