Special Report

Maine's Minimum Wage Among the Highest in the Nation

claudiodivizia / iStock / Getty Images Plus

With decades-high inflation eroding incomes, families around the country are struggling to make ends meet. The problem is especially pronounced for those in minimum wage jobs, as the federal minimum wage stands at $7.25 an hour – and in 20 states, the minimum wage matches the federal figure.

Still, in some states, the minimum wage is higher. Some are also taking further action to reduce inflation’s impact on the pocketbooks of the lowest earning workers. Washington state, for example, will raise its minimum wage to over $15 an hour in January 2023.

In Maine, the minimum wage was $12.75 an hour as of July 1, 2022, the eighth highest among states.

While Maine has a higher minimum wage than most other states, many working families are still struggling. According to a study published by the Massachusetts Institute of Technology, a working adult in Maine would need an hourly wage of $39.06 to support a family of four.

It is important to note that if employers are forced to pay their workers more, they may not be able to afford to hire as many employees, which could result in job losses and drive up unemployment. Still, Maine’s jobless rate of 2.9% in August 2022 is lower than the national rate of 3.7%

 

Rank State Minimum wage ($) August 2022 unemployment (%)
1 Washington 14.49 4.1
2 Massachusetts 14.25 3.5
3 Connecticut 14.00 4.3
4 California 14.00 4.1
5 Oregon 13.50 4.3
6 New York 13.20 4.9
7 New Jersey 13.00 3.7
8 Arizona 12.80 4.2
9 Maine 12.75 2.9
10 Colorado 12.56 3.3
11 Vermont 12.55 2
12 Maryland 12.50 4.4
13 Rhode Island 12.25 3.9
14 Illinois 12.00 4.8
15 New Mexico 11.50 4.4
16 Missouri 11.15 3
17 Virginia 11.00 3.2
18 Arkansas 11.00 3.5
19 Nevada 10.50 5.2
20 Delaware 10.50 4.6
21 Alaska 10.34 3.5
22 Minnesota 10.33 2.1
23 Hawaii 10.10 3.6
24 Florida 10.00 2.8
25 South Dakota 9.95 2.4
26 Michigan 9.87 4
27 Ohio 9.30 4.3
28 Montana 9.20 2.6
29 Nebraska 9.00 2.2
30 West Virginia 8.75 4.3
31 Wyoming 7.25 3.1
32 Wisconsin 7.25 3.3
33 Utah 7.25 2.1
34 Texas 7.25 4.2
35 Tennessee 7.25 3.5
36 South Carolina 7.25 3.2
37 Pennsylvania 7.25 4.8
38 Oklahoma 7.25 3.4
39 North Dakota 7.25 2.2
40 North Carolina 7.25 3.9
41 New Hampshire 7.25 2.3
42 Mississippi 7.25 3.8
43 Louisiana 7.25 3.8
44 Kentucky 7.25 3.7
45 Kansas 7.25 3.1
46 Iowa 7.25 2.9
47 Indiana 7.25 3.1
48 Idaho 7.25 2.7
49 Georgia 7.25 3.1
50 Alabama 7.25 2.9

 

Sponsored: Want to Retire Early? Start Here

Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

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