NJ Assembly votes to raise minimum wage to $15 over 5 years

- The New Jersey Assembly passed legislation raising the state's minimum wage to $15 an hour over the next five years.

The Democrat-led Assembly on Thursday approved the measure that raises the current wage of $8.38 to $10.10 on Jan. 1, 2017.

The bill also calls for raising the wage by $1.25 a year or $1 plus an adjustment for inflation, whichever is greater.

Business groups object to the legislation arguing that it inflates the cost of goods and labor.

Republican Gov. Chris Christie criticized the proposal recently. He says businesses would have to increase prices by 10 percent to 15 percent.

New Jersey raised the wage in 2013, going from $7.25 an hour to $8.25 an hour and indexing the wage to inflation.

The bill now goes to the Senate.

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