Existing law requires annual increases to California’s minimum wage until it has reached $15.00 per hour for all businesses on January 1, 2023. This measure extends these annual increases ($1.00 per year) until minimum wage—currently, $15.00 per hour for businesses with 26 or more employees, and $14.00 per hour for smaller businesses—reaches $18.00 per hour. Thereafter, as existing law requires, the minimum wage will annually adjust for inflation. In periods of decreased economic activity, or General Fund deficit, the Governor may suspend annual increase up to two times, thereby extending timeline for reaching $18.00 per hour