Cost of Inflation: Minimum Wage Rises in Several States and Cities
The economic outlook for 2023 indicates that high inflation will persist into next year.
As of September, seven states have announced they are increasing the state’s minimum wage effective January 1, 2023, due to the drastic change in the cost of living. It is expected that other states and/or cities will follow suit.
July already brought several changes to the minimum wage law in certain cities across the US. Along with rising healthcare costs (see our previous article), wage increases are at an all-time high.
This should also be taken into consideration while recruiting for open positions, current salary benchmarking tools may not be as up-to-date. More information on how inflation is affecting minimum wage can be found here.
Contact our HR team to assist with your compensation questions.