MLB minimum salary rises by $7,500

NEW YORK -- Major League Baseball's minimum salary is rising to $507,500 next year from $500,000.

The sport's collective bargaining agreement called for a cost-of-living adjustment based on the yearly increase through October of the Consumer Price Index for Urban Wage Earners and Clerical Workers, rounded to the nearest $500. There will be a similar adjustment for the minimum in 2016, the final season of the labor contract.

The commissioner's office said Wednesday that the minor league minimum for a player signing a second major league contract goes up to $82,700 from $81,500. The minor league minimum for a player signing an initial big league contract rises to $41,400 from $40,750.