Here’s how much New Jersey’s minimum wage increase taxes will cost

Minimum Wage Increase: Beginning on January 1, 2024, the minimum wage in New Jersey will rise to $15.13 per hour for the majority of workers. Beyond the $15 objective set by state authorities in 2019, this change is a significant improvement. The new structure increases the hourly wage of tipped employees from $5.26 with an $8.87 tip credit to $5.26 with a $9.87 tip credit per hour.

What is the new minimum wage in New Jersey?

When January arrives, the minimum wage for the entire state will rise by $1 to $15.13 per hour.

Adam Kleinfeldt, an employment lawyer with Deutsch Atkins & Kleinfeldt in Hackensack, said, “It impacts most employers in the state.”

Murphy signed a measure more than four years ago that stipulated that starting in 2024, the minimum wage would rise by at least $1 year. Depending on the Consumer Price Index, the increase could be higher. For instance, the minimum wage rose by $1.13 between 2022 and 2023.

The Democratic governor, Phil Murphy, who ran on a platform of increasing the minimum wage in the state, has played a significant role in this progress. In 2018, the minimum wage was $8.60 per hour when he took office. Democratic state legislators have prioritized the push for a $15 minimum wage since at least 2016.

Chris Christie, the former governor, thwarted their initial efforts.

“I am hopeful that New Jersey workers will be able to improve their quality of life and secure a better future for their families in the middle class,” Governor Murphy said, expressing excitement about the impending hike.

Putting workers first is a priority for his administration, he says. “They’re the backbone of our economy.”