See If Your Paycheck Will Increase for the New Year in Minnesota

Most Minnesotans who earn an hourly wage will see an increase in their paycheck starting in the new year.

Starting January 1st, 2024 Minnesota will adjust for inflation its minimum wage requirements for large and small businesses throughout the state, Minnesota Department of Labor and Industry Commissioner Nicole Blissenbach says, "Increasing minimum-wage rates gives the lowest-wage workers in Minnesota more earning power as they work hard to support themselves and their families."

Here is how the new minimum wage requirements breakdown starting for the new year:

• Large businesses with revenues of at least $500,000 will increase wages from $10.59 to $10.85 an hour.
• Small businesses with gross revenues less than $500,000 will increase wages from $8.63 to $8.85 an hour.
• The youth wage and training wages will also be increased from $8.63 to $8.65 an hour.

This adjustment for inflation is a 2.5% increase in wages but with inflation currently at just above 3%, and the living wage in Minnesota with two kids and two working adults is $24.98, this change will do little to help the employees who need it the most.

The change in the state's minimum wage does not apply to employees in Minneapolis and St. Paul as both cities have higher minimum wage requirements. Minneapolis will raise its minimum wage in 2024 to $15.57, and St. Paul will raise its minimum to $15.57 as well.

If you qualify for one of these increases in the minimum wage, employers are required to give you written notice of the pay changes before they happen.

According to CBS News, Minnesota is one of 22 states that will increase the minimum wage for the new year giving nearly 10 million workers a bump in pay and adding $7 billion in payroll to the economy.