US Economy

Mayor plans for $13.25 minimum wage in Los Angeles

LA Mayor Eric Garcetti on election day, May 21, 2013.
Getty Images

Los Angeles may soon be implementing one of the highest minimum wages in the country, at least if the city's mayor has his way.

The Los Angeles Times reports that Mayor Eric Garcetti is expected to announce on Labor Day a three-year plan to implement a $13.25 minimum hourly wage. That dollar figure would receive annual inflation-based increases, the paper reported, citing businesses and local government officials briefed on the proposal.

Read MoreIMF calls on the US to hike its minimum wage rate

The plan has faced a "cool reception" from many major business groups worried about costs, according to the Times. Some union leaders, meanwhile, are reportedly unhappy because the plan does not start at a previously stated labor goal of $15 per hour.

A spokesman for the mayor would not confirm the plan, the L.A. Times reported, but acknowledged that Garcetti had met with leaders across the city to "discuss ways to help L.A. families and our economy thrive."

—By CNBC staff

Read More Seattle approves highest US minimum wage

Read More How feel-good companies navigate minimum-wage fray