Minnesota’s minimum wage increasing due to inflation adjustments
Due to inflation that has increased throughout the nation, Minnesota’s minimum wage will also be increasing with it.
(FOX 9) - Due to inflation that has increased throughout the nation, Minnesota’s minimum wage will also be increasing with it.
Beginning Jan. 1, 2024, minimum wage rates will be adjusted for inflation, to $10.85 an hour for large employers and $8.85 an hour for small ones.
The raises amount to an increase of 2.5%, or 26 cents per employee for large companies and 22 cents for small ones.
"Increasing minimum-wage rates gives the lowest-wage workers in Minnesota more earning power as they work hard to support themselves and their families," said Minnesota Department of Labor and Industry Commissioner Nicole Blissenbach in a statement.
A large employer is defined as one with annual gross revenues of at least $500,000, while small employers have annual gross revenues of less than $500,000.
Minnesota law requires employers to display five state-mandated posters in a location where employees can easily see current minimum wages.
Employers are also required to provide each employee with a written notice of any change before the change takes effect.