In 2024, more states in the Union will raise the minimum wage, including California, Nebraska, Delaware, Maryland, and Hawaii.
The most noteworthy wage hike of all might be California's targeting of fast-food corporations,
which would mandate that large employers such as McDonald's and Chipotle pay at least $20 per hour to the state's projected 500,000 fast-food workers starting on April 1, 2024.
However, companies of all sizes must determine where the funding will come from,
which probably entails paying more attention to benefit expenditures, total employee counts, and customer pricing.
In 2024, there will likely be more pay increases in all 50 states, which might put pressure on Main Street companies.
Given the tight job market, earnings are not only usually higher than they were a year ago, but new legislation have caused minimum wage rates to rise in several jurisdictions.
For small firms already coping with inflationary pressures, this might be a double-edged blow. However, companies are aware that in order to draw in elite personnel, they must pay a premium.