A minimum wage is the lowest amount of money that workers can be paid for their service, according to state or federal law. The federal minimum wage is $7.25 per hour for employees covered under the Fair Labor Standards Act who are non-exempt.1

But many states have increased their minimum wage beyond the federal level in an attempt to provide workers with a living wage.2 For example, the minimum wage in the following regions in 2024 is:

• $16.00 per hour in California3
• $16.28 per hour in Washington (higher in certain localities)4
• $17.05 per hour in the District of Columbia, increasing to $17.50 on July 1, 20245

As other states increase their minimum wage rates, a number of companies have benefited their workers by raising their own entry-level wages beyond the levels set by the federal or state governments.

Here are eight companies that have raised their minimum wage for their employees.

Key Takeaways

• A minimum wage is the lowest amount of money that an employer is allowed to pay its workers.
• The federal minimum hourly wage is $7.25 for certain employees; the minimum wage in some states may be higher.
• McDonald's and Starbucks are two fast food companies that have increased their minimum wages.
• Bank of America and Wells Fargo are two financial services companies that pay a high minimum wage.
• Other companies in our list include Aetna, Walmart, Ikea, and Costco.

1. McDonald's

In 2021, McDonald's (MCD) increased its wage range for entry-level employees to $11 to $17 per...

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