Here’s where the minimum wage will increase next year | CNN
In the coming year, minimum wage workers in 22 states and over 40 cities and counties across the United States are set to see an increase in their paychecks. This is primarily due to scheduled wage hikes and some jurisdictions indexing the minimum wage to inflation, typically using the Consumer Price Index as a benchmark. On January 1, 2024, seven states and the District of Columbia will have a minimum wage of $15 or more, with newcomers like Maryland, New Jersey, and most of New York State joining this category. Washington state will boast the highest minimum wage at $16.28 in 2024, closely followed by California at $16.
It’s important to note that while state minimum wage rates are increasing, many cities, counties, and certain industries within these states have even higher minimum wage rates. For example, Tukwila, Washington, will have a minimum wage of $20.29 in January, making it the highest among states, counties, and cities. This trend reflects the ongoing push for higher wages to combat poverty levels and improve the living standards of minimum-wage workers.
The federal minimum wage has remained at $7.25 since 2009, causing advocates to push for significant increases to keep up with the cost of living. As states and local jurisdictions continue to raise their minimum wages, the economic impact is seen as beneficial for both workers and employers. Increased wages put more money in workers’ pockets, leading to higher consumer spending and better employee retention rates for businesses………
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Rising Dough
With minimum wages on the rise in many states and localities, what impact do these increases have on the local economies, businesses, and workers’ quality of life? How does the variation in minimum wage rates across states affect job markets and the cost of living? Explore the economic and social implications of these minimum wage changes, and consider how they might influence the decisions of investors, businesses, and policymakers in the coming years.
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