Subscribe to Updates

    Get the latest creative news from CRYPTO NOUNCE.

    What's Hot

    Distressed Indian startup GoMechanic acquired by Lifelong Group-led consortium

    March 29, 2023

    Musk, experts urge pause on training AI systems more powerful than GPT-4 By Reuters

    March 29, 2023

    Dogecoin [DOGE]: Short-term investors could gain, but only if…

    March 29, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram Vimeo
    Cryptonounce.com
    Contact
    • Business
      • Deals
      • investors
      • IPO
      • Startups
      • Wall Street
    • Markets
      • Bonds
      • Commodities & Futures
      • Currencies
      • Funds & ETFs
      • Stocks
    • Crypto
      • Alticoins News
      • Binance News
      • Bitcoins News
      • Blockchain News
      • Ethereum News
      • Token Sales News
      • XRP News
    • Technology
      • Artificial Intelligence
      • Big Data
      • Cloud Computing
      • Cybersecurity
      • Gaming
      • Internet of Things
      • Mobile
      • Social Media
      • Transportation
      • VR & AR
    • FinTech
    • Personal finance
    • Grides
      • Crypto
      • FinTech
      • Investing
      • Personal Finance Guides
      • Techonology
    • Tools
      • Coins
      • ICO List
      • Organigations
      • Events
    Cryptonounce.com
    Home » These states will raise their minimum wages in 2023
    Personal finance

    These states will raise their minimum wages in 2023

    AdmincryptBy AdmincryptJanuary 1, 2023No Comments5 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Labor activists hold a rally in support of a national $15 minimum wage on May 19, 2021, in Washington, D.C.

    Kevin Dietsch | Getty Images News | Getty Images

    As the calendar turns to 2023, workers in more than half of all states have something to look forward to this year: a higher minimum wage.

    That’s occurring as the federal minimum wage stands pat at $7.25 per hour — the same rate since 2009.

    But many states and cities have put their own rates in place, and most of them are poised to increase in the new year.

    A total of 26 states have announced that higher minimum wages will be introduced during 2023, with one more state likely to see an adjustment in July, according to research from payroll experts at Wolters Kluwer Legal & Regulatory U.S.

    Meanwhile, 23 states and Washington, D.C., according to the Economic Policy Institute, will implement higher minimum wages on Jan. 1. Those increases, which will range from 23 cents to $1.50 per hour, will affect 8 million workers.

    The state poised to provide the highest minimum pay rate is Washington, at $15.74 per hour, according to Wolters Kluwer.

    Workers under the age of 16 in that state will be paid $13.38 per hour starting in 2023, or 85% of the adult minimum wage.

    The minimum wage in Washington, D.C., will be $16.10 per hour.

    Washington, D.C., and 13 states tie their minimum wages to the consumer price index, a government measure for the average change consumers pay for certain goods and services.

    Why salaries in the U.S. don't keep up with inflation

    “There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year,” said Deirdre Kennedy, senior payroll analyst at Wolters Kluwer.

    Other states will continue to phase in increases passed through legislation. States that are not seeing minimum wage hikes in 2023 still tie their base pay to the $7.25 per hour federal rate.

    How the federal minimum wage affects workers

    President Joe Biden has campaigned to raise the federal minimum wage to $15 per hour. He signed an executive order in 2022 raising it to that level for federal workers and contractors.

    But a broader change to $15 per hour nationally would have to be done through Congress. Efforts to raise the rate nationally failed to make it into Covid-19 relief legislation in 2021.

    “As the gap between that and the federal minimum wage increases, it will be interesting to see if that can kind of spur more momentum for more states to increase their wages or try and get more momentum on the federal level,” said Kevin Werner, research associate at the Income and Benefits Policy Center at the Urban Institute.

    More from Personal Finance:
    From ‘Quiet Quitting’ to ‘Loud Layoffs,’ career trends to watch in 2023
    How to use pay transparency to negotiate a better salary
    ‘This is a crisis.’ Why more workers need access to retirement savings

    Raising the minimum wage nationally to $15 per hour would affect 56 million workers, according to an Urban Institute report released in September.

    The research modeled possible results where a new $15 minimum wage resulted in either no job losses and two different scenarios where extended job losses occurred.

    “Even in our highest job loss scenario, we still found that on average, the average worker was better off, and that poverty declined overall,” Werner said.

    “Even though some individual people who lost their jobs may have been worse off, the net effect was still positive,” he said.

    There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year.

    Deirdre Kennedy

    senior payroll analyst at Wolters Kluwer Legal & Regulatory U.S.

    The majority of workers who would be affected by a $15 minimum wage are over the age of 25, according to Werner. About one-third are the sole income earners for their families.

    Workers who depend on the minimum wage are also much more likely to be people of color and living in poverty. Consequently, raising the minimum pay nationally would help vulnerable people, Werner said.

    Raising minimum wages can also help increase consumer demand and put money back into local economies, said Holly Sklar, CEO of Business for a Fair Minimum Wage, a national network of business organizations, owners and executives that support higher minimum wages.

    “Putting needed raises in minimum wage workers’ pockets [is] really the most efficient way you can boost the economy,” Sklar said. “Those are the people who have to go right back around and spend it.”

    With federal action to raise the minimum wage uncertain, some big name companies have already stepped up to raise their pay rates.

    Costco has raised its minimum wage for U.S. store workers to $16 per hour, while Target, Amazon and Walmart have all moved to pay hourly workers $15 per hour.

    As the economy has continued to open up following the Covid shutdown, competition for workers has prompted employers to offer higher wages and starting bonuses for workers on the lower end of the income spectrum, Werner noted.

    “It’s giving low-income workers more leverage than they had before,” he said.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleA crypto roundup of the year and stepping into 2023
    Next Article These 4 altcoins may attract buyers with Bitcoin stagnating
    Admincrypt
    • Website

    Related Posts

    5 alarming stats on U.S. economic inequality in Pulitzer Prize-winning author's new book

    March 28, 2023

    Here’s how to file a free federal tax extension and avoid penalties

    March 28, 2023

    Inherited Roth IRAs have required distributions. What to know

    March 28, 2023

    62% of Americans live paycheck to paycheck amid inflation

    March 28, 2023

    Leave A Reply Cancel Reply

    Our Picks
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Techonology

    Distressed Indian startup GoMechanic acquired by Lifelong Group-led consortium

    By AdmincryptMarch 29, 20230

    A consortium led by Lifelong Group has acquired the distressed firm GoMechanic months after the…

    Musk, experts urge pause on training AI systems more powerful than GPT-4 By Reuters

    March 29, 2023

    Dogecoin [DOGE]: Short-term investors could gain, but only if…

    March 29, 2023

    The government should fear AI, not crypto: Galaxy Digital CEO

    March 29, 2023

    Subscribe to Updates

    Get the latest creative news from CRYPTO NOUNCE.

    NEWS
    • Business
    • Crypto
    • Blockchain
    • Markets
    • Technology
    FEATURED SECTIONS
    • Coins
    • ICO List
    • Organigations
    • Events
    • Grides
    FEATURED LINKS
    • Story of the day
    • Videos
    • Infographics
    CONNECT WITH US
    • Facebook
    • Twitter
    • Telegram
    • LinkedIn
    • Pinterest
    ABOUT US
    • Contact
    • Advertise
    • Sitemap
    Copyright © 2023 Cryptonounce All rights reserved. Cryptonounce.
    • Home
    • Buy Now

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?