The new year means higher wages for many Americans. Twenty-three states increased minimum wage on Jan. 1. An additional 27 cities and counties also raised minimum wage with the start of 2023. And by the end of 2023, 27 states will make minimum wage increases.
An estimated 8.4 million U.S. workers are going to get an increase in pay, according to the Economic Policy Institute.
In states such as Arizona, Montana and New Mexico, minimum wage rates are getting a boost, ranging from $0.23 to $1.50 more per hour. Utah is not among the 23 states that increased minimum wage on Jan. 1, and still offers the federal minimum wage of $7.25 per hour.
The federal minimum wage has not been raised in 14 years. In 2009, when the federal minimum wage was raised from $6.55 to $7.25, the minimum pay per hour went a lot further — $7.25 had the same buying power as $10.22 does today, per the U.S. Bureau of Labor Statistics.
With this year’s increased minimum wage rates, two states will join California by hitting (and exceeding) a $15 minimum wage. With the highest minimum wage nationwide, Washington state now pays $15.74 per hour and Massachusetts will pay $15 per hour, per the Department of Labor.
According the the Economy Policy Institute, women and people of color will benefit most from the recent increased minimum wage rates.
“More than 2 million parents will get a raise, including more than a million single parents,” stated the institute. “We estimate that more than 5.7 million children...
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