As 2018 approaches closer and closer, there are a few new policy changes that may impact your business if you live in one of the following places: California, Colorado, District of Columbia, Hawaii, Maine, Maryland and New York City. One of the biggest ones, however, is the increase of minimum wage.
The policy change will be benefiting low-income workers in a push by some government officials to ensure its constituents are able to earn a sustainable living.
As reported by “The Motley Fool,” one of the biggest minimum wage hikes is tied the fast-food industry in New York City. The populous city is implementing the first part of the two-year initiative to help workers make $15 an hour by 2019. So, by Dec. 31, if a worker was making minimum wage ($12) he or she will be able to add an additional $1.50 per hour worked that day and for the rest of 2018. The goal is that by the last day of the following year the second part of the initiative (another $1.50 increase per hour) can be implemented, so the city meets its 2019 goal.
Maine is the next location with the highest minimum wage increase, up one whole dollar. The move is part of a four-part measure and by 2018 it will be in its second stage. It is expected to continue hiking up a dollar yearly until it reaches its goal of $12 per hour by the year 2020.
Colorado, like Maine, has a similar goal of $12 per hour as its minimum wage by sometime in 2020, but to get there it will increase by 0.90 cents. In 2018, the hike will be the first of three annual increases.
For more details about the minimum wage increases in Hawaii, Maryland, D.C. and California, read “The Motley Fool.”