• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Bautis Financial

Bautis Financial

Secure your Castle, Achieve your Dreams.

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

26 States Are Raising Their Minimum Wage in 2023

January 4, 2023 by Bautis Financial
Minimum Wage Increases in 2023

Local minimum wage increases are happening across the country, with most effective as of January 1, 2023.

As of January 1st, 23 states and Washington, D.C. implemented minimum wage increases, with three additional U.S. states poised to follow with increases in 2023.

The states included our very own: New Jersey’s statewide minimum wage increased by $1.13 to $14.13 per hour for most employees as of Sunday.

How is Minimum Wage is Determined

Under the Fair Labor Standards Act (FLSA), the federal minimum wage for covered nonexempt employees is $7.25 per hour, which was put into effect in July 2009.

However, many states and cities can put their own minimum wage rates in place through legislation. Where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage.

Washington, D.C., and 13 states tie their minimum wages to the consumer price index, a government measure for the average change consumers pay for certain goods and services, which increased in 2022.

Related: When Will We Hit Peak Inflation?

But that’s not the only driving force.

President Joe Biden signed an executive order in 2022 to raise the federal minimum wage to $15 per hour for federal workers and contractors, and has campaigned for changes for all workers.

But a broader change to the nationally recognized minimum wage must be done through Congress, and efforts to do so have failed to make it into legislation.

Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:

Bautis Financial’s Amazon Alexa Daily Flash News Briefing
Category: Finance NewsTag: Minimum Wage, Minimum Wage Increases
Previous Post: « Key Financial Data 2023 Key Financial Data Card
Next Post: Tesla Selloff Continues: Factors at Play Tesla Selloff Continues: Factors at Play »

Subscribe to Our Insights

Sign up to receive valuable financial insight and updates straight to your inbox each week.

Social

Follow along on social media

Contact

Bautis Financial
7 North Mountain Ave
Montclair, NJ 07042
Get directions
862-205-5800
Contact

Navigation

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Copyright © 2023 · Bautis Financial · All Rights Reserved · Powered by Mai Theme

Return to top