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MLB minimum salary will rise to $507,500 in 2015

MLB.com

As per the latest Collective Bargaining Agreement, Major League Baseball's minimum salary will be raised to $507,500 from $500,000 next season.

The bump is in line with the cost-of-living adjustment based on the yearly increase through October of the Consumer Price Index for Urban Wage Earners and Clerical Workers, and it was rounded to the nearest $500. A similar adjustment will occur before the 2016 season, the final year of the current CBA.

As per the latest Collective Bargaining Agreement, Major League Baseball's minimum salary will be raised to $507,500 from $500,000 next season.

The bump is in line with the cost-of-living adjustment based on the yearly increase through October of the Consumer Price Index for Urban Wage Earners and Clerical Workers, and it was rounded to the nearest $500. A similar adjustment will occur before the 2016 season, the final year of the current CBA.

The Commissioner's Office on Wednesday also announced that the Minor League minimum for players signing a second Major League contract will rise to $82,700 from $81,500. The Minor League minimum for a player signing his first Major League contract rises to $41,400 from $40,750.

Cash Kruth is a reporter for MLB.com. Follow him on Twitter at @cashkruth