LOS ANGELES (CBSLA.com) — Members of the Los Angeles City Council Wednesday approved an ordinance that will raise the minimum wage to $15 per hour over the next five years.

Officials explained the minimum wage will go from $9 per hour to $10.50 an hour beginning in 2016. The rate will then jump to $12 in 2017; $13.25 in 2018; $14.25 in 2019; and $15 by 2020.

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“We are already seeing the fruits of our labor as our own state and other cities nationwide begin exploring policies to increase their local minimum wage,” said L.A. City Council President Herb Wesson.

Under the ordinance, wage increases will take place on the first of July each year.

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Small businesses with 25 or fewer employees will have the increases moved back by one year, officials explained.

Once both large and small businesses reach $15, the wage will continue increasing in 2022 based on the cost of living.

City Council members will be able to monitor future impacts, and make adjustments to the ordinance as needed.

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According to city officials, Mayor Eric Garcetti is expected to sign the ordinance now that City Council has granted their approval.