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Economicpolicyinstitute

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economy2 years ago•1 min saved

"22 States Boost Worker Pay with 2024 Minimum Wage Increases"

In 2024, 22 U.S. states have raised their minimum wage to support lower-income workers amidst high inflation, with increases ranging from $0.23 to $2 per hour. This change is expected to provide an additional $7 billion in wages to nearly 10 million workers. Three more states will raise their wages later in the year. The federal minimum wage remains unchanged at $7.25 per hour, while states like Washington have set the bar at $16.28, the highest in the nation.

via Fox Business|

##economicpolicyinstitute #economy

economy2 years ago•1 min saved

"New York Welcomes 2024 with Minimum Wage Hike and Key Legal Reforms"

As the new year begins, New York's minimum-wage workers are receiving a pay increase, with the wage rising to $16 in New York City and its suburbs, and to $15 in the rest of the state. This is part of a series of annual increases that will continue until 2026, when the minimum wage will reach $17 in the city and its suburbs, and $16 elsewhere in the state. The increases are part of an agreement made by Governor Kathy Hochul and the state Legislature, despite some opposition. New York joins 21 other states in raising the minimum wage as of 2024, with future increases to be tied to inflation.

via WIVB.com - News 4|

##economicpolicyinstitute #economy

economy2 years ago•1 min saved

"New York Ushers in 2024 with Minimum Wage Hike and Key Legal Reforms"

As of January 1, 2024, New York's minimum wage rose to $16 in New York City and select suburbs, and to $15 in the rest of the state, marking the first in a series of planned annual increases. These increases are part of a strategy to eventually reach a $17 minimum wage in NYC and its suburbs, and $16 elsewhere in New York by 2026, with future adjustments linked to inflation. This change reflects a broader trend across 22 states, with New York's decision stemming from an agreement between Governor Kathy Hochul and the state Legislature, despite some opposition.

via The Associated Press|