Oklahoma Minimum Wage Act; increasing minimum wage amount. Effective date.

SB 55 amends Oklahoma's minimum wage law to set the current hourly rate at $13.00, with an additional $0.50 increase each year for five years after the bill's effective date. This directly affects all employers in Oklahoma who pay employees below these updated rates, including businesses in retail, hospitality, and other sectors. The bill updates existing statute (40 O.S. 2021, Section 197.2) to reflect the new wage schedule without changing the law's scope or exemptions. It establishes a clear, incremental increase schedule rather than a single rate adjustment. The bill does not include exemptions for small businesses or specific industries.