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Minimum Wage Will Increase In 22 States On Jan. 1, 2024

@SpectacularMag

According to AXIOS, the minimum wage is poised to increase in 22 states, a significant development for workers nationwide as of Jan. 1, 2024. The impact of this wage hike extends beyond those directly affected, as the adjustment often prompts employers to raise the pay scales for workers earning slightly more than the minimum wage.

According to the outlet, this move comes as part of a broader trend, with an increasing number of states mandating wages of $15 an hour. States such as New York, Maryland, and New Mexico are set to adopt this threshold, marking a milestone for the Fight for $15 campaign, which initiated the push for higher wages 12 years ago.

However, due to the impact of inflation, the real value of the dollar amount attached to the current wage has diminished. Notably, 13 states are witnessing this increase because their minimum wages, including California, Ohio, and South Dakota, are indexed to inflation.

The federal minimum, which has been stagnant at $7.25 since 2009, remains a point of contention, prompting individual states to take action to address the evolving economic landscape.

By Jan. 1, seven states and Washington, D.C., will boast a minimum wage of at least $15 per hour. Noteworthy increases include New York City, Westchester, and Long Island, where salaries are set to rise to $16 an hour, while the rest of New York will adhere to a $15 minimum wage.

In addition to state-level changes, certain cities and regions have implemented higher minimum wages to account for variations in the cost of living and rising inflation.

According to USA Today, among the 22 states increasing their minimum wages in 2024, notable adjustments include Alaska, moving from $10.85 to $11.73, California increasing from $15.50 to $16, and Florida rising from $12 to $13 (effective Sept. 30).

The Department of Labor reports that 78.7 million workers aged 16 and older, constituting 55.6% of all wage and salary workers, receive hourly rates. Within this group, around 1 million workers are paid at or below the federal minimum wage, comprising 1.3% of all hourly-paid workers.