U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) holds up seven-year-old Kassidy Durham of Durham, North Carolina, during a news conference prior to a vote on the Raise the Wage Act July 18, 2019 at the U.S. Capitol in Washington, DC.

On Thursday, the U.S. House of Representatives voted to pass legislation that would raise the federal minimum wage from $7.25 to $15 over the next six years. Yet the new standard has a long way to go before it could affect your wallet. The Raise the Wage Act, introduced Rep. Bobby Scott (D-Va.) in January, would effectively raise wages for 33 million workers, according to an analysis by the Economic Policy Institute. Nine in 10 of those workers potentially affected by the wage hike are over the age of 20 and 58% of them are women. A report from the Congressional Budget Office released last week predicted a slightly smaller impact, reporting the bill could increase wages for as many as 27 million Americans and potentially lift 1.3 million families out of poverty. Under the Raise the Wage Act, the federal minimum wage increases would roll out on a gradual schedule: $8.40 in 2019

$9.50 in 2020

$10.60 in 2021

$11.70 in 2022

$12.80 in 2023

$13.90 in 2024

$15.00 in 2025 In addition to raising the minimum wage, the legislation would also eliminate the separate minimum wage standard for tipped employees. Currently, employers can pay tipped employees a minimum of $2.13 an hour, as long as their tips push them beyond the $7.25 hourly federal minimum. The Raise the Wage Act would also create an equal minimum wage for Americans with disabilities.

What needs to happen to make $15 minimum a reality

While the House passed the legislation, its implementation is far from a sure thing. Predictive intelligence firm Skopos Labs estimates the Raise the Wage Act has a 24% chance of being enacted. That's because identical legislation would have to pass the Senate and then be signed into law by President Trump. Mitch McConnell (R-Ky.), the majority leader, said Thursday he will not be taking up the legislation in the Senate. https://twitter.com/senatemajldr/status/1151885990862237697?s=12 And Thursday's House vote was far from bipartisan, with only three Republicans voting to pass it. Many Republicans cited concerns that a $15 federal minimum wage may cause significant job loss. A report from the Congressional Budget Office released last week found that a mandatory $15 minimum wage may eliminate as many as 3.7 million jobs across the U.S. because companies will look to cut costs.

Why advocates say minimum wage needs to increase