If your New Year’s resolutions include finding a new job at a higher pay, you just might be in for some good news. Happy New Year to Missouri workers. According to the Department of Labor, as of January 1, 2014, the minimum wage in Missouri will increase to $7.50 an hour.
The minimum wage raise comes after voters favored it on a ballot 7 years ago. The initial idea was to bring low-paid workers up to par with the rising cost of living. So, will it do it’s intended job for employees across the state?
Workers who earn minimum wage in Missouri are currently paid $7.35 an hour. The new payout gives employees a fifteen cent raise per hour, bringing the weekly salary of a full-time, 40 hour per week worker, to $300 per week. In other words, this is an additional $6 per week or less per minimum wage-paid worker.
This pay rate increase will affect more than 100,000 Missouri employees and employers. While $6 per week doesn’t sound like much, with the new health insurance laws, some employers will be scrambling to make these extra pay outs work without going under.