I've got good news and bad news.
Which would you like first?
The good news is that according to NJ.com, New Jersey's minimum wage will be increasing by more than $1.00 starting in the new year.
The hourly increase will be an additional $1.13 making the new minimum wage $14.13 as of January 1st, 2023.
Originally, the goal was to increase the Garden State's minimum wage by $1.00 each year until we reached $15.00 per hour by 2024.
The added increase is due to increased cost of living and record-high inflation rates.
“The Governor and Legislature had the forethought to account for the possibility of rising costs in their historic minimum wage law, which helps low-wage workers better provide for themselves and their families,” Labor Commissioner Robert Asaro-Angelo said according to NJ.com. “Every extra dollar in the paychecks of our lowest wage workers is helpful.”
While I personally appreciate New Jersey officials acknowledging that things are tough right now and there just isn't enough money to go around, what is someone going to do with an extra $.13 an hour?
$13.00/hour X 40 hours per week = $520/week pre-taxed = $2,080 per month
$14/hour X 40 hours per week = $560/week pre-taxed = $2,240 per month
$14.13/hour X 40 hours per week = $565.20/week pre-taxed = $2,260.80
It only equates to an extra forty bucks per month. Do you see what I'm saying?
I get that the plan for a higher minimum wage was originally made years ago but once officials see the cost of living exponentially...
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