Credit: sitthiphong/Adobe Stock

The minimum wage hikes that took effect Jan. 1 in 23 states and Washington, D.C., will bring pay increases to an estimated 8.4 million workers, according to the Economic Policy Institute. Almost 55% of the affected workers are age 25 or older, and 45% work full time.

“Although workers with only a high school degree or less education are the group most likely to be affected, 40.9% of affected workers have at least some college experience,” EPI researchers note on the organization’s “Working Economics Blog.” “Importantly, more than 2 million parents will get a raise, including more than a million single parents. In total, we estimate that more than 5.7 million children live in households that will see an increase in earnings at the start of the new year.”

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.