Hundreds of thousands of people in New Jersey are getting a raise on Monday.
The state’s minimum wage is increasing from $8.85 an hour to $10 an hour.It’s the first in a series of increases that will take the bottom wage to $15 an hour by 2024.
“Signing the $15 minimum wage into law has been one of my proudest moments as Governor so far,” Governor Phil Murphy said earlier this year.
The minimum wage will increase again on January 1st to $11 an hour.It will then increase an additional dollar per year until it reaches $15 in 2024. Once the minimum wage reaches $15, it will then be tied to changes in the consumer price index.
“This legislation is a major milestone in the fight for a stronger and fairer New Jersey,” Murphy said.
A full time worker earning the minimum wage will receive an extra $2,400 a year because of today’s increase. The minimum wage increase will be phased in a bit slower for seasonal workers, agricultural workers and those at small businesses.
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