TRENTON, NJ — There are hundreds of new laws going into effect this new year. And some of them could impact your wallet directly.
Here are a few of them.
Minimum Wage Increase:
The new year kicked off with a dollar increase in minimum wage from $12 an hour to $13. This increase is part of the two-phase legislation that Governor Murphy signed in 2019, which will ultimately reach $15 an hour by the year 2024.
“The challenges of the pandemic have shown why it's so important that the Garden State remain on course to a $15 minimum wage,” said Labor Commissioner Robert Asaro-Angelo. “In support of Governor Murphy’s vision for a stronger and fairer economy, we’re working to get our residents into not just jobs, but good jobs with sustainable wages and the generous benefits that come with working in our state.”
But not all workers will be seeing the increase in their paychecks right away. Seasonal employers and small businesses of five workers or fewer will increase to $11.90 up from $11.10. The minimum wage for those businesses won’t reach $15 until 2026. When Governor Murphy took office in 2018, the state’s minimum wage was $8.60 per hour.
Increased Income Eligibility for Disabled and Senior Citizens:
An amendment by the Assembly Budget Committee that went into effect the first of the year, allows an increase to income eligibility limits established in the Pharmaceutical Assistance to the Aged and Disabled (PAAD) program.
The PAAD program is a state-funded program that helps...
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