New Jersey’s Minimum Wage to Increase
This week, Governor Murphy announced the state’s minimum wage will be making a bigger increase than originally outlined in legislation passed in 2019. The minimum wage will be increasing to $15.13 on January 1st, 2024, exceeding the governor’s goal to get the state’s minimum wage to $15 by 2024. The extra increase was calculated in due to inflation. There continues to be an exception for small business and seasonal employers. Seasonal and small employers were given until 2026 to reach $15 per hour to lessen the impact on their businesses under the 2019 legislation. The minimum hourly wage for these employees will increase to $13.73/hour on Jan. 1, up from $12.93. “Small” employers are defined as those with fewer than six employees. Seasonal employers are those in which “not less than two thirds of the employers’ gross receipts were received in a continuous period of not more than 16 weeks.” This is not the last increase, the minimum wage will continue to increase every January based on the rate of inflation, and some are already calling for even larger increases to the minimum wage.