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

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 Follow him on Twitter at @cashkruth