State minimum wage increases for 2024 – here’s what you need to know

Did you know that over 20 states next year will be increasing their minimum wage rates? Do you live in one of those states with a scheduled bump? If so, have you adjusted your processes to accommodate it? 

While the federal minimum wage has remained stagnant at $7.25 per hour since 2009, staying abreast of state minimum wage rate fluctuations becomes particularly challenging, especially for businesses with locations in multiple states.

Here’s a quick breakdown of which states are raising their wages (last updated 7.8.24)

States with increased minimum wage rates starting in 2024

Other wage considerations for businesses

When the minimum wage increases, certain employers opt to grant a raise to employees already earning equal to or more than the new rate.

While there’s no inherent obligation to offer a raise in such instances, it’s worth considering the potential implications on labor costs, employee morale, internal equity (how employees are compensated relative to others within your company based on skills and experience), and your regular merit increase schedule.

Source: Fingercheck

However, if you’d like to provide your employees more financial flexibility and control, explore Fingercheck Pay On-Demand. It’s an easy way to empower your workforce through earned wage access, ensuring they have timely access to their hard-earned money, allowing them to control their payday and avoid costly payday loans, overdraft fees, etc.

Automated payroll solutions

If you live in one of the states with a planned increase (see our handy chart below), you should probably make that change now. However, if you already using Fingercheck, you’re in luck!

Let us introduce ourselves if you still need to join the Fingercheck family. At Fingercheck, our payroll and HR software is crafted to streamline your daily operations, allowing you to channel your energy into business growth.

Tailored specifically for small businesses, our all-in-one platform is a testament to our understanding of how a straightforward payroll system can simplify life for you and your valued employees.

Let us handle all the complicated payroll issues while you work on growing your business in 2024!

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Fingercheck and any related entities do not offer tax, accounting, or legal advice. This content is designed for informational purposes only and should not be considered a source of tax, legal, or accounting advice. It is recommended that you consult your tax, legal, and accounting advisors before undertaking any related activities or transactions.