By the Year 2024, Minimum Wage Rises $15/Hour
On January 1, 2020, the minimum wage in New Jersey increased from $10.00/hour to $11.00/hour.
This increase will benefit approximately 460,000 workers and their families.
Of those who received an increase in take home pay, a majority are adults, women, and workers of color. According to an analysis by New Jersey Policy Perspective (NJPP) Research Director Nicole Rodriguez, the wage increase will add $480 million to the state’s economy. Minimum wage workers have more money to spend in their communities.
NJCounts 2019 found that 12.8% of households experiencing homelessness had earned income. But even with that earned income, they were not able to afford their own homes. Increasing the minimum wage in New Jersey will help households experiencing homelessness, at risk of homelessness and with low-incomes work towards achieving stability.
The minimum wage victory in the New Jersey legislature on January 31, 2019 raises New Jersey’s minimum wage to $15/hour by the year 2024. The minimum wage law passed in a 23-16 Senate vote and 52-25 Assembly vote. Under this new legislation, the minimum wage will increase by $1/hour at the start of every new year until it reaches $15/hour by 2024.
Seasonal and some small business workers will also see increases but at a slower rate. New Jersey joins California, New York, and Massachusetts in committing to a state-wide $15/hour minimum.