When the ball dropped in Times Square, employees in eight states celebrated making more money.
On Jan. 1, 2012 eight states raised their minimum wage for workers.
The following states have laws that tie their minimum wage to the rate of inflation:
- Arizona (minimum wage was bumped to $7.65)
- Colorado ($7.64)
- Florida ($7.67)
- Montana ($7.65)
- Ohio ($7.70)
- Oregon ($8.80)
- Vermont ($8.46), and
- Washington ($9.04).
These states must now display updated posters with the new minimum wages.
The state that received the largest bump in wages was Washington. Its minimum wage jumped 37 cents. That’s a $770 raise for a full-time worker making the state minimum.
The Economic Policy Institute estimates the raises will impact more than 1 million minimum wage earners.
The federal minimum wage remains at $7.25, which brings in a little more than $15,000 for a full time minimum wage earner.
States that have set their own minimum wage must pay workers the higher of the two amounts.
Info: A complete list of minimum wage rates of all the states can be found here.
