While the federal minimum wage has been stuck at $7.25 for more than a decade, states are taking action to boost minimum wage levels. Guess how many are raising minimum wages in 2023. 

Answer: 26

Click on image for details on individual states. 

Questions:

• Is the minimum wage changing in your state? Here’s the data source with minimum wage changes.
• Are employers in your area paying more than the minimum wage for part-time jobs? 
• Most states now have set minimum wages far above the federal rate of $7.25. Why do you think legislators in DC have chosen not to raise the federal minimum wage? 
• Imagine you run a small business where most of your employees earn the minimum wage. Would you be in favor of a minimum wage increase? Why or why not? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CNBC): 

A total of 26 states have announced that higher minimum wages will be introduced during 2023, with one more state likely to see an adjustment in July, according to research from payroll experts at Wolters Kluwer Legal & Regulatory U.S...“There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year,” said Deirdre Kennedy, senior payroll analyst at Wolters Kluwer.

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Here are more NGPF activities and lessons on the minimum wage. 

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 Dive in deeper to this topic, by completing this NGPF On-Demand: $7.25 - The Minimum Wage

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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