Statement by the President on the Increase in the Minimum Wage.

TODAY the legal minimum wage for millions of American workers increases. Some will receive higher minimum protection than before, and others will be protected for the first time.

This advance in one of our great pieces of social legislation is one of the most important domestic accomplishments so far of this Administration. It represents the most significant advance in the Federal Wage and Hour Law since it was first passed 23 years ago.

While the new minimums of $1.15 per hour for workers presently covered by the law and of $1.00 per hour for those newly covered are admittedly inadequate to provide the full material well-being that this great nation is capable of giving to each of its citizens, they still provide for millions of workers a chance to enjoy a greater share of our nation's general economic progress.

I congratulate the Congress and all men of good will who worked so hard for this social gain. All fair employers know that a minimum wage does not harm the economy, but on the contrary helps eliminate unfair competition. In the months and years to come, I can see important gains for the whole economy resulting from this improvement to the living and working standards of our people.