Four states have boosted their minimum wages this summer: Connecticut, Nevada, Oregon, and Washington, D.C. This change resulted in 765,000 workers getting paid more. It is projected that this rise in wages will total more than $615 million. Since the summer, fifteen cities and counties were scheduled to raise their minimum wage, offering some needed financial relief to low-paid workers who are struggling with the effects of rising costs.
Those who are living off a lower wage in these states should benefit from a positive wage increase as a result of these increments. Based on the analysis of all workers impacted—both those who will directly benefit from the increased minimum wage and those who will be indirectly impacted when employers modify their pay structures—it is projected that the average hourly wage change in Nevada, Oregon, Connecticut, and Washington, D.C. will be $0.40, $0.42, $0.57, and $0.74, respectively. These adjustments should result in a $675 increase for the average full-time minimum wage worker in Oregon and a $1,354 increase in Washington, D.C.
Dylan, with the four states having their wage increases locked in, it will be interesting to see the difference and level of impact this change has. Studying the impact the $1,354 increase has on a worker in DC versus the worker who will earn $675 more in Oregon will be a strong indicator of the impact these increases have on the day to day life of people, and the nat'l savings rate.
ReplyDeleteWith inflation seeming to be uncertain, will higher minimum wages need to be increased again? What will this do for the unemployment rate? I can see these factors contributing to the minimum wage having to be increased again soon.
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