Current:Home > MarketsMinimum-wage workers in 22 states will be getting raises on Jan. 1-InfoLens
Minimum-wage workers in 22 states will be getting raises on Jan. 1
View Date:2024-12-23 20:44:18
Minimum-wage workers in 22 states are going to see more money in their paychecks in the new year.
Those increases will affect an estimated 9.9 million workers, according to the Economic Policy Institute (EPI), which estimates that those bumped wages will add up to an additional $6.95 billion in pay.
In addition to those 22 states, 38 cities and counties will also increase their minimum wages above state minimums on Jan. 1.
According to the Department of Labor, 20 states will maintain the federal minimum wage of $7.25 an hour.
And according to EPI, of the 17.6 million workers earning less than $15 an hour, nearly half live in those 20 states that continue to stick to the federal minimum wage — which has not changed since 2009.
The cost of living, however, has skyrocketed.
According to the Bureau of Labor Statistics consumer price index, a dollar in 2023 can buy roughly 70% of what it could buy in 2009.
And over the past year, inflation, and the rising cost of virtually everything — from housing to groceries — has forced many Americans to deplete their savings and go deeper into debt.
While the U.S. economy is proving to be robust in terms of retail sales, strong job numbers and a slowing rate of inflation, those who earn minimum wage have had a harder time paying rent, and buying essential household goods, including groceries.
According to EPI data, nearly 58% of workers who will benefit from the coming wage increase are women. Nine percent are Black and nearly 38% are Hispanic.
Over a quarter of those who will benefit from the pay increases are parents, which could make a significant difference in their standards of living, given that nearly 20% of the benefitting minimum wage workers currently have incomes below the poverty line.
Most recently, Senate Democrats introduced the Raise the Wage Act of 2023 in July. If passed, it would gradually increase the federal minimum wage to $17 an hour by 2028.
veryGood! (78)
Related
- Birth control and abortion pill requests have surged since Trump won the election
- DNA may link Philadelphia man accused of slashing people on trail to a cold-case killing, police say
- New York Gov. Kathy Hochul signs controversial legislation to create slavery reparations commission
- For One Environmentalist, Warning Black Women About Dangerous Beauty Products Allows Them to Own Their Health
- 13 escaped monkeys still on the loose in South Carolina after 30 were recaptured
- Jeremy Allen White Shares Sizzling Update on The Bear Season 3
- Filmmakers call on Iranian authorities to drop charges against 2 movie directors
- Billy Crystal makes first trip back to Katz's Deli from 'When Harry Met Sally' scene
- Sofia Richie Reveals 5-Month-Old Daughter Eloise Has a Real Phone
- Jason Kelce takes blame on penalty for moving ball: 'They've been warning me of that for years'
Ranking
- Jack Del Rio leaving Wisconsin’s staff after arrest on charge of operating vehicle while intoxicated
- Earthquake in China leaves at least 126 dead, hundreds injured
- Indictment against high-ranking Hezbollah figure says he helped plan deadly 1994 Argentina bombing
- Abuse in the machine: Study shows AI image-generators being trained on explicit photos of children
- Daniele Rustioni to become Metropolitan Opera’s principal guest conductor
- Deep flaws in FDA oversight of medical devices — and patient harm — exposed in lawsuits and records
- New York to study reparations for slavery, possible direct payments to Black residents
- UK inflation falls by more than anticipated to 2-year low of 3.9% in November
Recommendation
-
These Yellowstone Gift Guide Picks Will Make You Feel Like You’re on the Dutton Ranch
-
New York Gov. Kathy Hochul signs controversial legislation to create slavery reparations commission
-
Analysts say Ukraine’s forces are pivoting to defense after Russia held off their counteroffensive
-
Overly broad terrorist watchlist poses national security risks, Senate report says
-
The NBA Cup is here. We ranked the best group stage games each night
-
Derek Hough Asks for Prayers as Wife Hayley Erbert Undergoes Surgery to Replace Portion of Her Skull
-
Civil rights groups file federal lawsuit against new Texas immigration law SB 4
-
Florida man threw 16-year-old dog in dumpster after pet's owners died, police say