Minimum-wage workers in 21 states will see higher paychecks in 2025, according to the Economic Policy Institute. The increases will impact over 9 million workers and raise wages by over $5 billion. Forty-eight cities and counties will also raise their minimum wages above state levels starting Tuesday. The federal minimum wage remains at $7.25, unchanged for 15 years, leaving many workers struggling to meet rising costs for essentials like food and housing. Women, Black, and Hispanic workers make up significant portions of those benefiting from the increases. However, experts warn these increases may not be enough to offset inflation.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Minimum wage workers in 21 states will see higher paychecks in 2025,
00:06according to the Economic Policy Institute. The increases will impact over 9 million workers
00:10and raise total wages by over $5 billion. 48 cities and counties will also raise their
00:16minimum wages above state levels starting Tuesday. Federal minimum wage remains at $7.25,
00:22unchanged for 15 years, leaving many workers struggling to meet rising costs for essentials
00:27like food and housing. Women, Black, and Hispanic workers make up a significant portion
00:31of those benefiting from the increases. However,
00:34experts warn these increases may not be enough to offset inflation.
00:37For all things money, visit Benzinga.com.