22 states and at least 40 cities and counties across the country will raise their minimum wages at the start of 2024. The highest state minimum hourly wage will be Washington at $16.28 and California at second highest with $16
Some cities and counties will also raise their minimums. Minimum wage rates in Tukwila, Washington are jumping to $20.29 and to $19.97 in Seattle. In some states, there are industry specific wage hikes. In California, for example, fast food workers must be paid at least $20/hr
State minimum wage increases that will meet or exceed the $14 mark:
- Arizona: $14.35
- California: $16
- Connecticut: $15.69
- Hawaii: $14
- Illinois: $14
- Maine: $14.15
- Maryland: $15
- New Jersey: $15.13
- New York: $15
- Oregon: $14.20
- Rhode Island: $14
- Washington: $16.28
The Pay Card Jump
Pay Cards are predicted to make a 56% jump from 2023 to 2028 with growth being driven by increased R&D spending by leading and emerging players. Innovative advancements such as Earned Wage Access (where cash-strapped workers can now receive a portion of their wages before their usual payday) and universal direct deposit features will lead to a massive decrease in paper checks being issued
Rellevate’s Next Gen Pay Card (featuring EWA) Fast Facts:
✓ Increases employee retention rate by as much as 36%
✓ Increases employee hiring dynamics by as much as 75%
✓ Saves an average of $350,000* in bottom line P&L dynamics
