According to a California senator, legislators and labor unions have reached an agreement that will raise the state’s minimum wage to $15 an hour by 2022. As reported by The Associated Press:

Sen. Mark Leno, D-San Francisco, told The Associated Press the proposal would go before the Legislature as part of his minimum-wage bill that stalled last year.

Leno did not confirm specifics of the agreement, but most proposals have the wage increasing about a dollar per year until it reaches $15 per hour.

The Los Angeles Times, which first reported the deal, said the wage would rise to $10.50 in 2017, with subsequent increases to take it to $15 by 2022. Businesses with fewer than 25 employees would have an extra year to comply.

Continue reading on NBC News: Deal Reached to Raise California Minimum Wage to $15/Hour, Senator Says

California readers: We want to hear from you! How will this affect your business?