Several states, including California, are preparing to raise their respective minimum wages next year.
California is one of the states with a minimum wage higher than one set by the federal of $7.25, which hasn’t changed since 2009, and one of the highest in the country. Currently, the base salary is $15.50 per hour and next year it will increase even more. Here are all the details.
The Department of Finance announced an increase in the minimum wage in California for next year.
The minimum wage can increase by 3.5% each year or the rate of change in the Consumer Price Index averages for urban wage earners and white-collar workers (CPI-W) in the July period from the previous year to June of the current year compared to the previous 12-month period.
The CPI-W increased by 6.16% during the period from July 1, 2022 to June 30, 2023, compared to the previous 12-month period. However, being a higher percentage, the minimum wage will only increase by 3.5%.
With the 3.5% adjustment, California’s minimum wage will increase to $16 per hour for all employers beginning January 1, 2024.
Based on the U.S. consumer price index, the #California Department of Finance announced that the state hourly #minimumwage will increase to $16 per hour on January 1, 2024.
— BeaconPath (@BeaconPath)...
The new rate will apply to all employers, regardless of how many individuals they employ.
#business pic.twitter.com/NXhk4MwOl9
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