The National Employment Law Project (NELP) reports that the minimum wage will increase in 10 states as 2013 begins. These include Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Rhode Island, Vermont and Washington. The figure will move up to about $7.50 an hour on average.
As the fiscal cliff threat slows the economy, and taxes rise for many individuals, the improvement is not great enough to pull people at this level of income from near or at the poverty line. Based on NELP’s math:
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.
Just $150. That is all.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
