New Jersey’s minimum wage will increase by 13 cents (to $8.38 per hour) on January 1, 2015, when the state’s first automatic annual increase for inflation takes effect. While the increase is modest, this raise and every future yearly wage adjustment will put more money in the pockets of our lowest-paid workers.
The reality of wage indexing is huge. THIS IS THE FIRST YEAR THAT MINIMUM WAGE WORKERS IN OUR STATE WILL NOT SEE THEIR STANDARD OF LIVING SLIP DUE TO RISING COSTS.
“Even a small hourly wage increase can help working families at the bottom of the salary scale who are struggling to make ends meet,” said New Jersey State AFL-CIO President Charles Wowkanech. “The state’s first automatic annual adjustment of the minimum wage, along with the $1 per hour minimum wage increase voters overwhelmingly approved last year, will help our lowest-paid workers keep up with the ever-rising costs of food, clothes and housing.”
Automatic indexing of the minimum wage, which is now embedded in our state constitution, has not had the catastrophic impact on businesses that opponents forecast. In fact, the law is working exactly as intended by providing a modest annual financial boost to low-income workers in our state, bringing them closer to attaining a middle-class standard of living.