Economy

Minimum Wage Hikes on Tap for 25 State and Local Goverments

Thinkstock

In 2016, a total of seven states — Arizona, California, Colorado, Maine, New York, Oregon and Washington — approved raising the state’s minimum wage to between $12 and $15 an hour. Another 18 cities and counties approved raising the minimum in a range of $10.10 to $15 an hour. A total of 19 states and localities have raised their minimum wage to $15 an hour.

On New Year’s Eve, the minimum wage in New York City will rise to $11, on its way to $15 by 2018, for businesses with more than 11 employees. In most of the state the minimum will increase to $9.70 on its way to $12.50 by 2020. In the other 18 states and cities, increases take effect on New Year’s Day.

In the four states that approved minimum wage hikes in the November elections — Arizona, Colorado, Maine and Washington — the wage increases will benefit some 2.1 million workers. All told, since 2012, nearly 19 million U.S. workers have gotten raises based on hikes in the minimum wage, according to the National Employment Law Project (NELP).

Over the next two years, campaigns to raise the minimum wage will launch in eight states — New Jersey, Vermont, Massachusetts, Connecticut, Rhode Island, New Hampshire, Ohio and Pennsylvania — and four more localities — Minneapolis; Baltimore; Montgomery County, Maryland; and Santa Clara, California. Workers in Washington, D.C., will launch a “One Fair Wage” ballot campaign that would gradually eliminate the subminimum wage for tipped workers.

If all these campaigns are successful, another 8 million workers will see larger paychecks.

Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)

Take the quiz below to get matched with a financial advisor today.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Take the retirement quiz right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.