For people who want the details:
Companies with more than $1 billion gross revenue or more than 500 employees would be scheduled to increase their minimum pay to $25/hour by 2031, while smaller employers would be on a longer timeline to reach $25/hour by 2038.
AKA no instant price shock
To ensure wages don’t lag again in the following years, the bill also requires the minimum wage to automatically grow each year to reach the equivalent of two-thirds the national median hourly wage.
This isn't adjusted to inflation, but the median national hourly wage tends to reflect a very similar trend to inflation as measured by the CPI, but lags behind a bit. If the base minimum wage was raised like this, it would bring that stat much more on par with inflation, if not higher than it as it stands now.
It also eliminates the subminimum wage, which is paid to tipped workers, youth workers, and workers with disabilities.
FINALLY! Just because you receive tips, are younger, or have a disability, you shouldn't be paid less than someone else if you've still gotten hired to do the job. You might be familiar with the tipped subminimum wage, which is where, if you receive tips from your job, instead of the $7.25/hr minimum wage, you can get paid as low as $2.13/hr as long as your tips make up the difference to bring you to at least $7.25.
This is one reason why so many places want you to tip now. The person doesn't get extra money, you just subsidize their employer paying them less out of their pocket.
...buuuuuuuuuut there's also a lowered minimum wage for disabled people... with literally no actual minimum. It's why one Goodwill was at one point paying a guy $0.22/hr:
https://www.cnbc.com/2013/06/21/some-disabled-workers-paid-just-pennies-an-hour.html
If I didn't know how screwed up America is, I'd assume that had to be satire, but nope, it's real. Subminimum wages being abolished is great.
