Minimum-wage workers in 22 states: Twenty-two states will increase the amount of money minimum-wage employees receive in the new year.
According to the Economic Policy Institute (EPI), which estimates that the total pay impact will be an additional $6.95 billion, these wage increases will have an impact on 9.9 million employees. View an exhaustive list of increases.
Furthermore, 38 municipalities and counties will raise their minimum wages beyond the levels set by their respective states on January 1.
According to the Department of Labor, twenty states will uphold the federal minimum wage of $7.25 per hour.
Furthermore, nearly half of the 17.6 million workers earning less than $15 per hour reside in the 20 states that have maintained the federal minimum wage since 2009, according to EPI.
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However, the cost of living has significantly increased.
The consumer price index of the Bureau of Labor Statistics indicates that in 2023, one dollar will be equivalent to approximately 70% of its value in 2009.
Furthermore, inflation and the escalating prices of nearly everything (from housing to consumables) have compelled numerous Americans to deplete their savings and incur additional debt over the past year.
Despite robust job growth, robust retail sales, and a slowdown in inflation, people making the minimum wage have found it more challenging to meet their financial obligations, such as rent payments and the purchase of necessities, such as food.
Nearly 58% of workers who will benefit from the forthcoming wage increase are female, according to EPI data. Blacks comprise nine percent, while Hispanics comprise nearly 38 percent.
A quarter or more of the individuals who will receive the salary increases are parents, a circumstance that could have a substantial impact on their quality of life, given that close to twenty percent of the minimum wage workers who will benefit have incomes below the poverty line.
In July of this year, Senate Democrats introduced the Raise the Wage Act of 2023. Approval would result in a progressive escalation of the federal minimum wage to $17 per hour by 2028. Determination of minimum wage via EPI
