2018 is off to a good start as various state governments recently announced that they would be increasing the minimum wage. More than thirty-six states across the country are now increasing the amount that they previously had, to make the financial situation on those working at minimum wage a lot easier. The changes that have been made are concerning people who work around hourly wages. The changes in each state are individual, as different states have different rates of increase. The changes have been accepted in an incredibly positive light, primarily because the rate of minimum wages was due to go up for a considerable amount of time before it was put into action.
States like Arizona, California, Colorado, Maine, New York, Washington were some of the many states that decided to pass this bill. The wages were increased through a ballot system which measured the current rate of wages and increased that by a certain amount. The increase in the salaries across the country are as follows:
Before: $10.50 (large employers), $10 (small employers)
Now: $11 (large employers), $10.50 (small employers)
Before: $9.50 (large employers), $7.75 (small employers)
Now: $9.65 (large employers), $7.87 (small employers)
The states that have issued the increase in minimum wages are doing so as part of a plan to help gradually increase the minimum wages. The governments have estimated that by the year 2024, they want to have an increase up to $15 per hour.
The change was something that was long overdue, as it had stayed the same in 2009. No changes to the wages had been made after that in any state, which led to a lot of unrest among minimum wage workers. The cost of living has increased since 2009, and with that, it was only natural that the minimum wage should increase as well. The minimum wage is usually set in accordance to the average income of the people living in the state, and the amount that they would have to spend in living expenses for basic needs of food, clothing, and shelter.
This increase is mainly going to be beneficial for women throughout the country. A survey conducted a few years ago shed light on the fact that almost two-thirds of all the people working at minimum wages are women. In some states in America, this number of women workers increases to nearly three-quarters of the entire working population who is dependent on minimum, wages for their income. This increase will ensure that they are better situated, and have enough to cover their necessary expenses, and so that they can better support their families. This increase in minimum wage is also being considered as a significant notable step towards women empowerment and is paving the road for further progress in the country. In most of the states, the wage increase will be effective almost immediately and has commenced as of the 1st of January 2018.
The current inflation that is being experienced is also one of the reasons why an increase in the income rate was essential. The cost of living is not as it used to be a few years ago, and has gone up significantly. Almost all the market sectors in the country are witnessing a certain amount of inflation, with some of them being even more than others. This increase will help over four million people in America, allowing them to lead better and more well-situated lives by the inflated prices that the country is now seeing concerning markets and product pricing.
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