Deal reached to raise California minimum wage to $15

California lawmakers and labor unions struck a tentative deal late Saturday to gradually raise the minimum wage to $15 over several years.

Gov. Jerry Brown is expected to make the formal announcement as early as Monday, acccording to the Los Angeles Times.

Next year, the minimum wage will jump from $10 to $10.50 an hour in 2017 and will increase by $1 every year after that until reaching $15 an hour in 2022. Businesses with fewer than 25 employees would have an extra year to comply, delaying their workers receiving a $15 hourly wage until 2023.

Brown, a Democrat, already signed a minimum wage increase in 2013. But he was waiting on revisiting it at the legislative level until the labor unions put the issue on the ballot. Last week, the first of two union-sponsored initiatives qualified for the Nov. 8 ballot. Now backers hope the new agreement will allow them to formally withdraw it in the coming weeks.

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