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Obama touts plans on contractor wages, retirement

1 year ago January 29, 2014 Jan 29, 2014 Wednesday, January 29 2014 Wednesday, January 29, 2014 3:10:25 AM EST in News
Source: Associated Press

WASHINGTON, D.C. - President Barack Obama is promoting his newly unveiled plans to boost wages for some workers and help Americans save for retirement - no action from Congress necessary.

Obama on Wednesday was to sign a presidential memorandum creating a new retirement savings account dubbed "myRA." The White House says it will act as a starter savings account. A pilot program will be ready by the end of 2014.

Obama is also preparing to sign an executive order raising the minimum wage for workers carrying out new federal contracts to $10.10.

Obama announced the steps Tuesday in his State of the Union address. On Wednesday he'll discuss the minimum wage hike in Maryland and the retirement program in Pennsylvania. Obama plans to visit Milwaukee and Nashville, Tenn., on Thursday.

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