The minimum wage will increase in ten states on Jan. 1, modestly boosting the incomes of nearly one million low-paid workers in Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Rhode Island, Vermont, and Washington. The state minimum wage rates will rise between 10 and 35 cents per hour, resulting in
an extra $190 to $510 per year for the average directly-affected worker. Rhode Island’s minimum wage will rise as a result of a law signed by Gov. Lincoln Chafee in June; the remaining nine states will raise their minimum wages in accordance with state laws requiring automatic annual adjustments to keep pace with the rising cost of living.
The increased consumer spending generated by these minimum wage increases will boost GDP by over $183 million, according to an analysis by the Economic Policy Institute. While weak consumer demand continues to hold back business expansion, raising the minimum wage puts more money in the pockets of low-wage workers
who often have no choice but to immediately spend their increased earnings on basic expenses.
“We need policies that make sure workers earn wages that will at the very least support their basic needs,” said Christine Owens, executive director of the National Employment Law Project. “But earning an income that meets basic needs shouldn’t depend on the state where a working family lives. We need to raise and index the
federal minimum wage to help all of America’s workers. ”
Choosen excerpts by Job Market Monitor from
Source: 10 States to Increase Minimum Wage on New Year’s Day
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Posted by Earl | March 26, 2020, 5:10 am