Nearly 10 million Americans will get raises from minimum wage hikes in 2024: Study

A brand new 12 months will deliver extra pay for tens of millions of Individuals, based on a brand new research from the Financial Coverage Institute (EPI).

On New 12 months’s Day, 22 states will increase their minimal wage, giving practically 9.9 million Individuals a pay increase. In complete, staff will obtain $6.95 billion in further wages from the will increase.

As well as, 38 cities and counties will enhance their minimal wages on Jan. 1, rising above their state flooring and including to the variety of staff who will see any enhance of their paychecks.

The evaluation by EPI exhibits ladies will make up 57.9 % of the employees getting a rise on the primary day of 2024.

Minimal wage will increase will even disproportionately assist Black and Hispanic staff, the EPI stated.

African Individuals make up 9 % of the workforce in states with will increase, however they’re 11 % of the employees affected by the will increase. In the meantime, Hispanic staff make up 19.6 % of the states’ workforces, however they’re practically 40 % of those incomes a rise.

The will increase will even profit households, with 25.8 % of affected staff being dad and mom, equating to greater than 2.5 million individuals. As a complete, 5.6 million youngsters live in houses the place a person will obtain a minimal wage enhance.

Staff and households in want will earn assist from the will increase. Nearly 1 in 5 staff getting a increase have incomes beneath the poverty line, and 47 % have incomes two occasions beneath the poverty line.

People in California, Hawaii and New York make up 51 % of these incomes a increase, all states with excessive prices of dwelling.

The 22 states growing their minimal wage within the new 12 months are:

Maine

Vermont

Washington

Montana

Minnesota

Michigan

Illinois

New York

Rhode Island

South Dakota

Ohio

New Jersey

Connecticut

California

Colorado

Nebraska

Missouri

Maryland

Deleware

Arizona

Alaska

Hawaii

Hawaii has the best enhance, rising by $2 to $14 per hour. This interprets to a lift of $1,380 in annual wages for the typical full-time employee.

Michigan has the smallest enhance, going from $10.10 per hour to $10.33, translating to an extra $216 a 12 months for a median full-time employee.

A case earlier than the Michigan Supreme Courtroom might enhance that quantity for low-wage staff.

Amongst different notable will increase, the minimal wages in Maryland, New Jersey and upstate New York will equal or exceed $15 per hour for the primary time, becoming a member of the remainder of New York, California, Connecticut, Massachusetts and Washington as the one states with minimal wages at or above $15 per hour.

Seven states have handed laws or poll measures to succeed in or exceed $15 per hour. The states are Delaware, Florida, Hawaii, Illinois, Nebraska, Rhode Island and Virginia.

Greater than 17 million staff nonetheless earn lower than $15 per hour, based on EPI, and 47.8 % of these individuals dwell in one of many 20 states that use the federal minimal wage of $7.25 per hour.