McDonald’s franchise owner Scott Rodrick says his business has experienced cost pressure since California’s minimum wage increase targeting fast-food franchises on Maria Bartiromo’s Wall Street.
Nearly half the states in the U.S. are set for minimum wage increases on Jan. 1, 2025, which will mean a pay hike for some 9.2 million workers, according to recent data.
An analysis by The Economic Policy Institute says 21 states will raise their minimum wage at the first of the year, along with 48 cities and counties that are lifting their pay floors above their respective state minimums – mostly in California, Colorado and Washington.
An employee fills a bag with French fries at a branch of the McDonald’s fast food chain. California raised its minimum wage for fast food workers to $20 this year. In 2025, the minimum wage for other workers in the state will be raised to $16.50. (Matthias Balk/picture alliance via Getty Images / Getty Images)
Here are the states that will boost their minimum wage at the first of the year, and how much workers will be paid:
Alaska: $11.91
Arizona: $14.70
California: $16.50
MEGA MILLIONS $1.22 BILLION JACKPOT WON BY PLAYER IN CALIFORNIA
Colorado: $14.81
Connecticut: $16.35
Delaware: $15
Illinois: $15
Maine: $14.65
Celebrity chef and restaurant owner Andrew Gruel joins ‘The Big Money Show’ to discuss California’s minimum wage law and its impact on the food and restaurant industry.
Michigan: $10.56
Minnesota: $11.13
Missouri: $13.75
NY EXECUTIVE CHEF PROPOSES ELIMINATING THE RESTAURANT TIPPING SYSTEM ALTOGETHER
Montana: $10.55
Nebraska: $13.50
New Jersey: $15.49
New York: $15.50 ($16.50 in New York City, Long Island and Westchester)
The minimum wage is being raised to $15.50 in the state of New York, but will be a dollar higher in New York City, Long Island and Westchester. (iStock / iStock)
Ohio: $10.70
Rhode Island: $15
South Dakota: $11.50
GET FOX BUSINESS ON THE GO BY CLICKING HERE
