09/26/2022 10:00 AM EDT
Presented by WorkRise
MARK YOUR CALENDARS: The federal fiscal year ends this week, which means the calendar will be flipping before you know it.
January often marks the start date for many policy changes, including minimum wage rate increases. That will be an additional cost that employers will have to factor into their businesses.
Though the federal rate will remain at $7.25 — as it has stood since 2009, despite attempts by Democrats to raise the hourly pay floor beyond double digits — a majority of states have set their own higher amounts, according to the Labor Department.
Come January, states ranging from Missouri to Delaware will be phasing in statutory increases to their minimum wages, per the National Conference of State Legislatures. Missouri is among those that will top out at $12, while others are on the path to $15 an hour.
A more recent phenomena is the trend of states tethering their minimum wage laws to inflation, unlike the federal rate. That’s particularly noteworthy given the price pressures of late.
Eleven states (plus D.C.) will be bumping up their minimum wages due at least partially due to inflation. For example Colorado this month announced its statewide rate will surge nearly 8.7 percent from $12.56 to $13.65.
Several of these states have yet to finalize their rates for 2023, but they will start trickling in over the coming weeks.
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