According to state law, WA state’s minimum wage will rise another $.54 cents-per-hour to $16.28 in January 2024.
WA wage is already the highest in the nation
According to the Washington Retail Association, it’s an increase of 3.37 percent, mandated by state law that demands the wage be annually adjusted based upon what’s called the Consumer Price Index for Urban Workers.
Washington state’s wage is already twice the Federal standard.
The CPI is the annual cost of what urban (city) consumers pay for goods and services, from fuel to groceries and many other categories. Urban refers to anyone who does not live in very small communities or (for example) on a farm.
When WA state first passed the $15 wage a few years ago, there were several studies showing that higher costs from wages would result in fewer new jobs and fewer hours for workers as businesses tried to absorb the added expenses.
In California, the minimum wage increase is expected to cost the state about $1.4 billion annually in lost income due to cutbacks from businesses to absorb the costs.
The bulk of the impact will be felt by smaller to medium-sized companies, according to various business and economic sources.
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Gallery Credit: Madison Troyer & Zack Abrams