Some States Now Raising Minimum Wage

With the high inflation rates, multiple states have said that they would be increasing the minimum wages in 2023 after the federal government failed to make any moves on this. Currently, the federal minimum wage is $7.25 in the U.S. It was set in 2009. As of the fall of 2022, only 15 states follow the federal minimum wage.

In the new year, 27 states have said that they will be increasing their minimum wage. Most of the new wages will be put into effect on January 1, but there are some states where the changes will go into effect later in 2023.

California will be the state with the highest minimum wage rate at $15.50, an increase of half a dollar from 2022. Washington, D.C. has a higher rate of $16,10, and an increase will take place in July 2023. The increase is going to be dictated by the Consumer Price Index, according to its Department of Employment Services.

Oregon and Nevada will also not have their minimum wage increase not go into effect until July 2023. Oregon’s rate will increase from $13.50 based on the Consumer Price Index, while in Nevada the minimum age will increase to $10.25 for employers who provide health benefits, and to $11.25 for those who don’t.

Connecticut and Massachusetts will also have incremental increases that will bring their minimum wages up to $15. Six other states will also slowly inch towards that milestone in 2023.

In Alabama, Louisiana, Mississippi, South Carolina, and Tennessee the federal minimum wage will continue to be in use.

Written by CFP Staff Writer

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