Brian Cassella/Chicago Tribune/Tribune News Service via Getty Images
Takeaways from the Key Notes
- As 21 states increased their minimum wage levels to account for inflation, ballot initiatives, and legislation, the paychecks of over 9,2 million workers who earn the minimum wage have increased.
- Additionally, 48 cities and counties will raise the minimum wage higher than their current state's.
- A recent estimate shows that these workers will receive between $420 and $968 extra per year.
In 21 states, minimum-wage employees received a pay increase in the New Year.
The Economic Policy Institute, a nonpartisan think-tank, reports that more than 9,2 million employees saw their paychecks increase in minimum wage starting January 1. In 2025 they will earn an additional $5.7 billion.
Additionally, 48 cities and counties, mostly in California, Colorado, and Washington, will further increase the wage floor above their state's minimum.
The average full-time worker in affected states can expect to earn between $420 and $868 per annum more.
The majority of the increases will be due to automatic inflation adjustments. Some states implemented higher minimum wages through ballot initiatives and legislation.
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