Number of the Day Shows Minimum Wage Disparities
Our take on the most relevant or interesting figure in personal finance today
:strip_icc()/number_daily12.31.5-4fda348ac2b54ec7b6545c5435509488.jpg)
That’s how many (or few) states will raise their minimum wage by at least $1 tomorrow.
Of the 20 states enacting an increase in their minimum wage at the turn of the year, just Arkansas, California, Illinois, New Jersey, and New Mexico are raising the wage by $1 or more. The remaining 15 cost-of-living adjustments or legislatively scheduled increases are less than a dollar—in some cases 10 or 15 cents, according to the Congressional Research Service. Connecticut, Florida, and Virginia will also increase their wages by at least $1, but not until later in the year.
The federal minimum wage of $7.25 hasn’t increased since July 2009 and will still apply in about 20 states that have the same or lower state-imposed minimum wage (or no state wage at all). President-elect Joe Biden made raising this minimum to $15 a focal point on the campaign trail, though he’d have to get it through Congress first.