MLB minimum salary set to increase to $507,500 in 2015

LOS ANGELES -- The major league minimum salary will likely rise in 2015 to $507,500, a 1.5-percent increase over the $500,000 minimum salary in 2014. Major League Baseball has not yet made the announcement official.

The collective bargaining agreement between Major League Baseball and the Players Association, which covers the years 2012-2016, called for minimum salaries of $480,000 in 2012, $490,000 in 2013 and $500,000 in 2014. For the final two years of the CBA calls for a cost of living increase, using the Consumer Price Index:

"The applicable minimum salary rate for the 2014 season shall be multiplied by a fraction, the numerator of which is the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics (CPIW) for October 2014 and the denominator of which is the CPIW for October 2013."

The CPIW for October 2013 was 229.735, and for October 2014 was 233.229 (on a scale where 1982-1984=100).

$500,000 x 233.229/229.735 = $507,605

The CBA also stipulates that the minimum salary is rounded to the nearest $500, bringing us to $507,500

Players on a major league active roster also receive a daily meal and tip allowance for every date a team is on the road plus any travel day. That daily amount will increase from $99.00 to $100.50 in 2015.

In addition, the minor league minimum salaries for players on the 40-man roster (rounded to the nearest $100) have increased from $40,750 to $41,400 for players on their first major league contract (first-time 40-man additions like potentially Zach Lee, Chris Reed and Scott Schebler later Thursday), and from $81,500 to $82,700 for players on subsequent deals (Jarret Martin, Yimi Garcia, et al.).