Minimum wage is on the rise in New Jersey. The Garden State enacted the increase — from $8.85 to $10 — on Monday, the first in a series of pay hikes meant to bring the state to a $15 minimum wage by 2024.

Governor Phil Murphy signed the increase into law in February, and it's expected to impact more than one million New Jersey residents.

Both of the state's senators, Bob Menedez and Cory Booker, supported the legislation.

Seven states have passed similar “Fight for 15” laws, and this year, 18 states have raised their minimum wage ー though not necessarily to $15-an-hour -- according to the National Conference of State Legislators.

Still, on the federal level, the campaign for a $15 minimum wage has not seen success.

The Raise the Wage Act, which would increase that benchmark by 2024, is stalled in the legislature without Republican support.

Today, more than 80 million Americans are paid by the hour, according to the Bureau of Labor Statistics.

Meanwhile, more than half a million Americans make the current federal minimum wage, which has hovered at just above $7 an hour since 2009.

Share:
More In Business
Ford Cuts Production of F-150 Lightning Electric Truck
Ford says it’s reducing production of the F-150 Lightning electric pickup vehicle as it adjusts to weaker-than-expected electric vehicle sales growth. The automaker said about 1,400 workers will be impacted by the move.
Apple Overtakes Samsung as Top Seller of Smartphones
Dan Ives, Managing Director and Senior Equity Analyst at Wedbush Securities dives deeper into a report by the International Data Corporation (IDC) that Apple has ended Samsung's 12-year reign as the world's largest smartphone seller.
AI is the Big Opportunity and the Risk to Watch at Davos
Artificial intelligence is the biggest buzzword at the World Economic Forum’s annual meeting in Davos. Advances in generative AI stunned the world last year, and the elite crowd is angling to take advantage of its promise and minimize its risks.
Load More