Institute a COLA (cost of living adjustment) for minimum wage similar to the COLA that Social Security uses annually.

Establish a plan to incorporate a cost of living adjustment, to be approved by congress annually or bi-annually, using the same Average Wage Index that the Social Security Administration uses, into the federal minimum wage provisions of the FSLA. If the federal minimum wage had been updated since 1974 using the Social Security AWI, it would now stand at $10.74 an hour. That’s quite a bit more than the $9.16 an hour it would be if it had been updated for inflation using the CPI. It’s a whole lot more than today’s actual minimum wage of $7.25 an hour. - See more at: http://inequality.org/colas-cpis-awis-14-minimum-wage/#sthash.ZVJ2gXLR.dpuf