When the state recently announced a minimum wage increase by $1.13 to $14.13 per hour for most employees, effective Jan. 1, 2023, it was not a shock to the business community, but marked yet another cost for them to confront amid an ever more challenging economic climate.
The annual increases are part of legislation signed by Gov. Phil Murphy in 2019 that calls for raising the wage floor to $15 per hour by 2024 for most employees. The minimum wage increases by $1 per hour each year, unless there are significant increases in the Consumer Price Index.
Because of rising inflation, that has happened this year. And thus, the increase is $0.13 per hour more because of those inflationary pressures.
“The governor believes that continuing to raise the minimum wage while adjusting for rising cost of living is essential to helping low-income families make ends meet and ensuring employees receive fair compensation for their work,” a spokesperson for Murphy told NJBIZ. “That is why the law he signed in 2019 accounted for any significant increases to the Consumer Price Index. However, the law also accounted for the impact of rising wages on businesses by allowing the minimum wage increase to take place incrementally over the course of several years to help employers adapt accordingly.”
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