LOS ANGELES (CBSLA.com) — The Economic Development Committee Tuesday is expected to consider an ordinance to increase Los Angeles’ minimum wage to $15 an hour over the next five years.

On May 19, the City Council voted in favor, 14-2, of the wage proposal. This was the first of two votes needed to finalize the bill.

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Officials explained increases will take place on the first of July of each year. Beginning in 2016, the minimum wage will go from $9 per hour to $10.50 an hour.

The rate will then jump to $12 in 2017; $13.25 in 2018; $14.25 in 2019; and $15.00 by 2020.

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For small businesses with 25 or fewer employees, each of the dates will be moved back by one year.

Once the minimum wage reaches $15 an hour for both large and small businesses, the ordinance calls to continue increasing the wage based on the cost of living by 2022.

In L.A., 800,000 people live below the poverty line and 500,000 workers earn minimum wage.

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