U.S. Watch

Deal Reached for $15 An Hour Wage Floor

California legislators and labor unions on Saturday reached an agreement that would raise the state’s minimum wage to $15 from $10 an hour, a state senator said, a move that would make for the highest statewide minimum in the nation.

Sen. Mark Leno (D., San Francisco) said the proposal would go before the Legislature as part of his minimum-wage bill that stalled last year. The Los Angeles Times, which first reported the deal, said the wage would rise to $10.50 in 2017, with subsequent increases to take it to $15 by 2022. Businesses with fewer than 25 employees would have an extra year to comply.

At $10 an hour, California already has one of the highest minimum wages in the nation along with Massachusetts. Only Washington, D.C., at $10.50 an hour is higher. The rise to $15 would make it the highest statewide wage in the nation by far, though raises are in the works in other states.

Demand for EB-5 Visas Surged in 2015

A controversial federal immigration program offering green cards to some foreign investors had record demand in 2015, as concern that a key provision of the law might expire fueled a surge of aspiring immigrants.

The program, known as EB-5, received applications from 17,691 investors in 2015, up from 11,744 in 2014 and 6,554 in 2013, according to figures released last week by U.S. Citizenship and Immigration Services.

There were 21,988 investor applications pending at year-end, and given that the program allows just 10,000 visas a year, that means a backlog of at least five years for most investors.

While applications have consistently grown in recent years, demand was particularly strong at the end of 2015 because a key portion of the EB-5 program was expiring, and the inflow has slowed some since the law was extended in December for another 10 months.

Part of the recent drop-off in demand may be linked to the slowing economy in China, which accounts for more than 80% of EB-5 visas issued. The program offers green cards to aspiring immigrants who invest at least $500,000 into certain businesses that have been determined to create at least 10 jobs per investor.

http://www.wsj.com/articles/u-s-watch-1459100417

Mentions

• Eliot Brown

States

• California