Summer of Savings: A Guide to July 2024 State Minimum Wage Increases

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As the summer of 2024 kicks off, several states across the United States are set to increase their minimum wage rates. These changes, which take effect on July 1, 2024, aim to provide a better standard of living for low-wage workers and keep pace with the rising cost of living. In this article, we'll break down the July 2024 state minimum wage increases and what they mean for employers and employees alike.
2024 State and Local Minimum Wage Increases: What Employers Need to Know
Minimum Wage Increase in 2024

Which States Are Raising the Minimum Wage?

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A total of 14 states, including California, New York, and Massachusetts, will be increasing their minimum wage rates in July 2024. The increases range from $0.25 to $1.50 per hour, depending on the state and the type of employer. Some cities and counties within these states may also have their own minimum wage ordinances, which may be higher than the state minimum.
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State Minimum Wage Increases

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Here are the states with minimum wage increases taking effect on July 1, 2024:
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California: $15.50 per hour (up from $15.00) New York: $14.20 per hour (up from $13.20) Massachusetts: $16.65 per hour (up from $15.65) New Jersey: $12.93 per hour (up from $12.55) Illinois: $13.75 per hour (up from $13.00) Michigan: $10.85 per hour (up from $10.65) Maryland: $13.25 per hour (up from $12.80) Minnesota: $10.33 per hour (up from $10.08) Nevada: $10.75 per hour (up from $10.50) Connecticut: $14.75 per hour (up from $14.00) Oregon: $13.75 per hour (up from $13.50) Washington: $14.49 per hour (up from $14.09) Colorado: $13.65 per hour (up from $13.25) Maine: $12.75 per hour (up from $12.50)
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What Do These Increases Mean for Employers?

Employers in these states must ensure they are paying their employees the new minimum wage rate by July 1, 2024. This may involve updating payroll systems, notifying employees of the change, and adjusting budgets to account for the increased labor costs. Failure to comply with the new minimum wage rates can result in fines, penalties, and damage to an employer's reputation. The July 2024 state minimum wage increases are a welcome change for many low-wage workers, providing them with a better standard of living and more disposable income. For employers, it's essential to stay ahead of the curve and ensure compliance with the new minimum wage rates to avoid any potential penalties. By understanding these changes and taking the necessary steps, employers can maintain a positive and productive work environment while also supporting the well-being of their employees. As the summer of 2024 heats up, it's time to get ready for a season of savings and success.

Nextep is a leader in providing comprehensive HR solutions, including payroll, benefits, and compliance support. Our team of experts is dedicated to helping employers navigate the complexities of employment law and ensure compliance with all applicable regulations. Contact us today to learn more about how we can support your business.