(1) Subject to the exceptions specified in this act, the minimum hourly wage rate is:

    (a) Before September 1, 2014, $7.40.

    (b) Beginning September 1, 2014, $8.15.

    (c) Beginning January 1, 2016, $8.50.

    (d) Beginning January 1, 2017, $8.90.

    (e) Beginning January 1, 2018, $9.25.

    (2) Every January beginning in January 2019, the state treasurer shall adjust the minimum wage by an amount determined by the state treasurer at the end of the preceding calendar year to reflect the average annual percentage change in the consumer price index for the most recent 5-year period for which data are available. As used in this subsection, "consumer price index" means the most comprehensive index of consumer prices available for the midwest region from the bureau of labor statistics of the United States department of labor. The wage and hours division of the department of licensing and regulatory affairs shall post the adjusted minimum wage on its website by February 1 of the year it is calculated, and the adjusted rate is effective beginning April 1 of that year. An annual increase under this subsection shall not exceed 3.5%.

    (3) An increase in the minimum hourly wage rate as prescribed in subsection (2) does not take effect if the unemployment rate determined by the bureau of labor statistics, United States department of labor, for this state is 8.5% or greater for the year preceding the year of the prescribed increase.