Minimum Wage Hikes

Benzinga

More than 8.3 million U.S. workers received pay raises as higher minimum wages took effect across 19 states and major cities, boosting nationwide earnings even as the federal wage floor remains unchanged, according to CNBC.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03More than 8.3 million U.S. workers received a pay increase Thursday

00:07as new minimum wage hikes took effect in 19 states and multiple cities, according to CNBC.

00:13The changes are expected to add about $5 billion in earnings nationwide.

00:18State-level increases took effect in places including Arizona, California, Michigan, New Jersey, New York, and Hawaii.

00:25Hawaii posted the largest increase, raising its minimum wage by $2 per hour from $14 to $16.

00:33Several cities also raised local wage floors, with Seattle's minimum wage rising to $21.30 an hour

00:40and Minneapolis increasing to $16.37 an hour.

00:45The federal minimum wage remains $7.25 an hour, unchanged since 2009,

00:51while state and local standards continue to vary widely.

00:53For all things money, visit Benzinga.com.

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