BLOG / NEWS
The year 2023 has arrived, and with it, changes to the minimum wage. While some employers may already be aware of changes to the federal minimum wage and their state’s regulations, other employers may not know what these changes mean for them. In this article, we’ll explain what you need to know about the 2023 minimum wage changes and how they could affect your business.
The Fair Labor Standards Act (FLSA) sets the federal minimum wage at $7.25 an hour and applies to all non-exempt employees working in the United States. However, Congress has proposed a bill that would raise the federal minimum wage to $15 an hour. As of this writing, this has not made it through Congress. We will keep you posted on any changes that may be on the horizon.
In addition to the federal minimum wage, several states have recently implemented their own increases to the minimum wage rate. For example, California introduced a new rate of $15.50 an hour in 2023. New York has been gradually increasing its rate over the past six years, but has specific provisions for certain types of workers and specific counties where they are enforced. Some states are also considering additional increases beyond $15 an hour. So, it’s important for employers to check their local laws before making any decisions regarding wages or salaries.
2023 will bring a lot of changes for employers when it comes to setting wages for employees. It’s important for businesses owners and HR professionals alike to stay informed about any potential changes on both the federal and state levels so that they can ensure compliance with all applicable laws and regulations. By understanding these upcoming changes now, you can avoid potential issues down the road and make sure your business is running smoothly come 2023!
Disclaimer: Not Tax, Legal, Financial or Accounting Advice
Innoworks and its affiliates (collectively, “Innoworks”) do not provide tax, legal, financial or accounting advice. Any material made available to you by Innoworks, via any portal, including www.innovemp.com or via email or other correspondence from and with Innoworks and its representatives, has been prepared for informational purposes only, and is not intended to substitute, and should not be relied on for tax, legal, financial or accounting advice. You should consult an independent tax advisor, lawyer, financial advisor, and/or certified public accountant before engaging in any transaction. Neither Innoworks nor any of its corporate affiliates are fiduciaries with respect to any person or plan by reason of providing the material or content herein.
While Innoworks makes every effort to provide accurate and timely information, Innoworks does not warrant the accuracy or completeness of the materials provided, either expressly or impliedly, and expressly disclaims any warranties of merchantability or fitness for a particular purpose. Decisions based on information contained on this website are the sole responsibility of the user, and in exchange for using this website, you agree to hold Innoworks and its affiliates harmless against any claims for damages arising from any decision you make based on such information. Innoworks reserves the right to withdraw or prohibit access to the website, and to revise the software, materials, information and the services and products described in this website, at any time without notifying users.