2024 Minimum Wage Boost: States Set to Increase Rates Next Year

2024 Minimum Wage Boost: States Set to Increase Rates Next Year

As many as 25 states are set to increase the minimum wage for 2024 as American citizens battle against inflation and tough economic times by seeking a greater baseline pay.

Millions of workers will be positively impacted by the decision, which will come into action on January 1, 2024, marking a good start to the year on that front except for Nevada and Oregon (July 1) and Florida (September 30).

Twenty states will remain at the minimum of $7.25 whilst California, New York and Washington will show peaks of $16 per hour.

The states that will see a minimum wage increase are: Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, Ohio, Oregon, Rhode Island, South Dakota, Vermont, and Washington.

See Also:  New Mexico Citizens To Receive Two Tax Rebates

If you live in a city, be wary to check your city’s minimum wage as sometimes cities will raise their own minimum above the state minimum. For example, Denver will raise their own to $18.29 per hour, whilst Colorado’s is $14.42 per hour.

Is the minimum wage increase enough?

Since being introduced in 1997, the minimum wage his increased from $5.15 on September 1 to now sitting at a highest total of $16 in California.

That marks a $10.85 increase which is actually above the rate of inflation across the period. If the wage rose in-line with inflation then it would only be $9.85, suggesting that the government has been more generous than they needed to be.

However, 27 states are yet to declare a minimum wage sum above the rate of inflation, with Alaska, Columbia, Florida, Massachusetts, Nevada, Oregon and Virginia all yet to determine their 2024 amounts.

See Also:  Tax rebate 2022 — Americans to get new $3,284 direct payments - see exact date

All states with a minimum wage of $7.25, interestingly, have not changed them since 2009, when the last federal update took place. They’re remaining at the very end of the pay scale.

Avatar photo
About Shrabani Sarkar 698 Articles
Shrabani Sarkar is a celebrity news author who has been covering the latest gossip and scandals in the entertainment industry for Panasiabiz. Shrabani is passionate about celebrity news and enjoys sharing her insights and opinions with her loyal fans. Shrabani can be reached at [email protected]