Amends TCA Title 12, Chapter 4 and Title 50, Chapter 2.

This bill requires employers to pay employees wages at an hourly rate that is the greater of the federal minimum wage or the wage rate established below: (1) On and after January 1, 2023, a minimum wage of not less than $12.00 an hour; (2) On and after January 1, 2024, a minimum wage of not less than $13.00 an hour; (3) On and after January 1, 2025, a minimum wage of not less than $14.00 an hour; and (4) On and after January 1, 2026, a minimum wage of not less than $15.00 an hour. On and after January 1, 2027, the commissioner of labor and workforce development will review the minimum wage, and the wage will be increased, by rule, to an amount commensurate with the cost of living, if a minimum wage of $15.00 an hours is not commensurate with the cost of living. This bill additionally establishes that the minimum-overtime-hourly rate for any work done by the employee in excess of 40 hours during a work week must be 1.5 times the regular wage rate. An employer who violates the minimum wage requirements of this bill will be liable to the employee affected for the amount of unpaid minimum wages. Upon a judgment being rendered in favor of an employee to recover unpaid wages, the judgment must include, in addition to the unpaid wages adjudged to be due, an amount equal to those wages as damages. In addition to a judgment awarded to the employee, the court must require the employer to pay court costs and reasonable attorney's fees incurred by the employee. The statute of limitations for a claim brought under this bill will be two years. However, in a case where the court finds the employer willfully violated this bill the statute of limitations is three years. In the administration of this bill, the commissioner of labor and workforce development will be required to cooperate with the administrator of the wage and hour division of the United States department of labor. This bill specifies that it does not interfere with collective bargaining rights. Employees who are excluded from the federal minimum wage requirements are exempt from this bill.