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

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

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.

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.

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.

RELATED CONTENT: Republican Sen. Rand Paul Says $15 Federal Minimum Wage Will Hurt Black Teens

Source: Black Enterprise

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