Number of the Day Shows Minimum Wage Disparities

Our take on the most relevant or interesting figure in personal finance today

Number of the Day

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.