Minnesota's minimum wage to increase on Jan. 1

(FOX 9) - Starting Jan. 1, Minnesota’s minimum wage will increase.

For large employers with revenue over $500,000, the new minimum wage $10.33 an hour. Employers with revenue under $500,000 the rate will be $8.42 an hour.

The new minimum wages do not apply to the cities of Minneapolis and St. Paul, which set their own minimum wages. Over the next few years, both cities are planning to increase their minimum wage to $15 an hour.