Governor Rick Snyder signed bi-partisan legislation on Tuesday night that will raise Michigan's minimum wage to $9.25 an hour by 2018. When signing the legislation, Snyder said the minimum wage raise will help hard-working residents without hindering the state's improving economy.

Senate Bill 934 increases the minimum wage from the current $7.40 an hour over the next four years and would be adjusted by the rate of inflation or 3.5 percent, whichever is lower, starting in 2019. Tipped employees will also see a wage increase of about 38 percent bringing them to $3.51 per hour.

At a news conference announcing the signing, Snyder said "I commend my partners in the Legislature for finding common ground on a bill that will help Michigan workers and protect our state's growing economy. Michigan is the comeback state and our goal should always be long-term success for our residents and our state as a whole."

Snyder announced the legislation with Senate Majority Leader Randy Richardville, Senate Democratic Leader Gretchen Whitmer, House Democratic Leader Tim Greimel and state Rep. Jeff Farrington. The bill is now Public Act 138 of 2014.