USA Wage Increases from 1 January 2024

On January 1, 23 USA states increased their minimum wage by raising pay for an estimated 9.9 million workers. In total, workers will receive $6.95 billion in additional wages from state minimum wage increases.

In addition, 38 cities and counties will increase their minimum wages on January 1 above their state’s wage floors, adding to the number of workers likely to see increased earnings.

The minimum wage continues to be a vital policy for creating a more equitable economy. According to analysis by the Economic Policy Institute:

  • – Women make up more than half (57.9%) of workers getting an increase on January 1.
  • – The minimum wage increases will also disproportionately benefit Black and Hispanic workers. Black workers make up 9.0% of the wage-earning workforce in the states with increases, but are 11.1% of the affected workers. Similarly, Hispanic workers are 19.6% of the workforce in these states, but 37.9% of the workers receiving wage increases.
  • – These increases will also bring important benefits to working families. More than a quarter (25.8%) of affected workers are parents, or more than 2.5 million people. In total, 5.6 million children live in households where an individual will receive a minimum wage increase.
  • – The increases will provide critical support to workers and families in need. Almost one in five (19.7%) workers getting a raise have incomes below the poverty line, and nearly half (47.4%) have incomes below twice the poverty line.
  • – More than half (51%) of workers getting minimum wage increases are in California, Hawaii, and New York, all high cost-of-living states.

Read the full article here: EPI Minimum Wage Increase from 1 January 20

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