Money

Michigan's minimum wage will rise to $9.25 an hour starting Jan. 1. That's a 35-cent raise from the current minimum of $8.90 per hour. It's the final definitive increase provided by a 2014 law, the state said Friday. Beginning in 2019, however, the minimum wage is due to increase annually with inflation unless the unemployment rate is high.

Employers can pay 85 percent of the minimum to employees age 16 and 17. The training wage remains at $4.25 per hour for new hires age 16 to 19 for the first 90 days of employment.

A panel is recommending that Michigan restore the pay of statewide elected officials to levels that were in place before a 10 percent cut was imposed in 2010. The State Officers Compensation Commission said Friday that the governor, lieutenant governor, attorney general and secretary of state should receive 10 percent pay hikes. It also said Supreme Court justices should receive their first raise since 2002. 

ARGI

Are your finances in shape? ARGI Partner and Financial Advisor Shari Hooper is here to discuss comprehensive financial planning.