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State Minimum Wage Increases Mean Changes for Businesses

January 20, 2014

Written by admin

state minimum wage increase list

On January 1, 2014, 13 states increased minimum wage.  State minimum wages are higher than the federal requirement of $7.25  an hour in 21 states.  This is an increase from 18 over the past two years.

The following is a quick look at the states that have recently raised their minimum wage:
state minimum wage increase list

What will raising minimum wage mean for your business?

Many economists predict that raising minimum wage will result in raises for hourly workers across the board in what's known as the "ripple" effect.  In other words, employers may raise pay for most workers in order to preserve their wage structures, and retain quality employees.

“The Economic Policy Institute estimates about 4.6 million workers will see their wages increased, 2.6 million of whom are directly affected as the new minimum wage exceeds their current hourly pay. The other 2 million already make slightly more than the new minimum wage but will benefit from the ripple effect.” (Money.CNN.com)

There is also pressure on Congress to raise the national minimum wage.  President Obama and Congressional Democrats are trying to raise the federal minimum wage from $7.25 an hour to $10.10 by 2015.

Complete Payroll Processing is currently helping many of our clients deal with the increase in minimum wage and the impact on their payroll.  If you need help, our payroll team is at your service.  Simply give us a call.  We’d be happy to help!

** The information in this content was current at the time of writing. For the latest wage information, please see our updated resource.


Sources:
http://www.usatoday.com/story/money/business/2013/12/29/states-raising-minimum-wage/4221773/
http://money.cnn.com/2014/01/14/smallbusiness/minimum-wage-hike/

DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting, or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.

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