Inflation has been really hurting people this year. Especially those working for minimum wage. When the cost of living increases but your paycheck stays the same. It can be extremely difficult. And for many Americans who are living paycheck to paycheck, it has been nearly impossible.
The federal minimum wage has been $7.25 since 2009. If you’re working 40 hours a week at that rate, you’d only make $15K a year. That’s well below the federal poverty line. And working that much doesn’t leave a lot of time for a side hustle or, heaven for bid, family time.
Now some relief is on its way, at least for the residents of 27 states in the United States. The National Employment Law Project (NELP) recently released a reporting saying a record-breaking number of states will increase their minimum wage in 2023. Even up to as much as $15.00 an hour in some states.
This is a hot topic for some people in the political world. Some think an increase in the federal rate will lead to more unemployment. The argument there is that businesses won’t be able to keep up with the cost of employees. But, as mentioned before, the annual income for the federal minimum wage doesn’t even pay most of the bills. So workers earning this rate can forget about building a savings account or even a retirement fund.
Then there is the cost of living issue, which very much varies from state to state. So having a blanket minimum wage across all states doesn’t work. Fortunately, most of these states have a much higher rate than the federal $7.25. And employees are protected from the wage being dropped lower than that number.
Nevada is on the list of those 27 states raising their minimum wage. We will see a rate of $11.25 in July of 2023. That’s for companies that don’t offer health insurance. The rate for companies that do will be $10.25/hour. Here are the 10 states with the highest minimum wage come 2023.- Wendy Rush
Maryland
Minimum Wage will rise to $13.25/hour on January 1st. That is for large employers. The rate will be lower for smaller companies.
Colorado
Minimum Wage will rise to $13.65/hour on January 1st.
Maine
Minimum Wage will rise to $13.80/hour on January 1st.
Arizona
Minimum Wage will rise to $13.85/hour on January 1st.
New Jersey
Many employees (depending on vocation) will start earning $14.00/hour by 2023.
New York
Minimum Wage will rise to $14.20/hour by January 1st. It’s already at $15.00 in other parts of the state.
Connecticut
Minimum wage will rise to $15.00/hour by January 7th.Massachusetts
Minimum wage will rise to $15.00/hour by January 1st.
California
Minimum Wage will rise to $15.50/hour by January 1st.
Washington State
Minimum Wage will rise to $15.74/hour by January 1st.
