I doubt many people make anywhere close to minimum, but no excuse not to raise it!

That’s in fact one of the best reasons to raise it as it’s a clear indicator it’s failing to perform its purpose. We know there are exploitative employers who will pay as low as they possibly can and nothing has changed in our economy or country to suggest that the market now naturally provides a baseline living wage, so it rarely being in effect is a big flashing red sign that it’s woefully out of date.