Last year’s sky-high inflation rate took a huge bite out of paychecks for American workers, but 2023 should bring some relief in the form of higher pay. Around half of U.S. states will raise their minimum wages in 2023, with workers in the state of Washington poised to earn the highest minimum.
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More than 8 million workers got a raise on New Year’s Day, according to the Economy Policy Institute (EPI), with 23 states and the District of Columbia implementing minimum hourly wage hikes that ranged between 23 cents and $1.50.
A total of 26 states are set to increase their minimum wage at some point in 2023, according to Wolters Kluwer, a provider of professional data and information. Several other states have hikes set to take effect in coming years.
The increases were prompted by automatic inflation-linked adjustments, state law triggers and legislative action, the EPI noted. Most of the affected workers (54.9%) are age 25 or older, and nearly half (44.8%) work full-time.
“There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year,” Deirdre Kennedy, senior payroll analyst at Wolters Kluwer, told CNBC.
Workers in Washington state stand to earn the highest minimum wage in 2023 at $15.74 an hour, according to data from Wolters Kluwer Legal & Regulatory. The lowest minimum wage...
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