MO SB686

Repeals the previous minimum wage rate of $6.50 per hour effective January 1, 2007, and replaces it with a minimum wage of $9.00 per hour or the federal minimum wage, whichever is higher, effective January 1, 2015.

Requires annual adjustments to the minimum wage on January 1 of each year based on the percentage increase or decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), with adjustments rounded to the nearest five cents.

Directs the director to measure cost-of-living changes annually on September 30 by comparing July CPI-W data to July data from the immediately preceding year.

Allows employers to pay either the state minimum wage or the applicable federal minimum wage for interstate commerce jobs, whichever rate is higher.