Several states are ringing in the new year by increasing the minimum wage. Which states? How much? Will this impact your Paycheck?
Here’s Five Fast Facts About Minimum Wage Increases:
- 📈 Clock In - A total of 22 states and 39 cities/counties bumped up the minimum wage on January 1st. These increases give workers an additional $6.95B in wages. Oregon, Nevada, and Florida will see an increase later this year.
- 🗺️ Lucky Seven - Now seven states have a minimum wage of $15 or more. (That’s up from four last year.) Newcomers include Maryland, New Jersey, most of New York state, and the District of Columbia.
- 📊 In the City - Minimum wage is also changing at city and municipality levels. Tukwila, Washington now has a minimum wage of $20.29, which is the highest standard minimum wage rate in the country. Seattle now has a rate of $19.97.
- 💵 Space Needle - Washington also sports the highest state minimum wage at $16.80. California isn’t far behind with an increase to $16. Hawaii has the biggest jump, with an increase of $2.
- ⛔ Holdouts - There are 20 states that still use the federal minimum wage of $7.25. It has not increased since 2009. That’s a lot of states to list, but you can probably guess them.
🔥Bottom line: More pay is good, especially for those who are living off of minimum wage. It certainly looks like Washington is the place to be. Some might call those numbers generous, while others would argue it’s a good start.
What do you think of these increases?
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