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2022 Sees Minimum Wage Increases

Twenty-one states and 35 localities will raise their minimum wages next year, according to USA Today.

Headed to $15: “Besides California and New York, nine states are headed to a $15 pay base over the next four years—Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, New Jersey, Rhode Island and Virginia. They’ll join 50 localities at or on the way to $15, including Chicago, Minneapolis and Washington, D.C.”

  • In addition to state and local wage increases, more than 100 mostly large companies have raised their minimum wages to $15 or higher.

Why the rise: Beyond state and local regulations, employers and producers are facing a roaring economy featuring high consumer demand, alongside pandemic-related labor shortages and a tight overall labor market. These conditions have spurred employers to increase base pay to attract and retain workers.

Looking ahead: With some governments set to take action on minimum wage increases later next year, a total of 25 states and 56 localities are expected to boost minimum pay by the end of 2022—and by 2026, about 40% of the U.S. workforce is expected to be covered by $15 minimum wage requirements.

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