Dose tge new minimum wage affect those earning 30 000
The new minimum wage in the United States is $7.25 per hour, which is the federal minimum wage. However, some states and cities have implemented higher minimum wages.
If someone is earning $30,000 per year, which is equivalent to approximately $14.42 per hour, they are likely above the federal minimum wage. In this case, the new minimum wage would not directly affect their salary.
However, it's possible that the increased minimum wage could have indirect effects on their salary or benefits in a few ways:
- Cost of living adjustments: As the minimum wage increases, it may lead to cost of living adjustments (COLAs) in other industries or companies. This could result in higher salaries or benefits for those already earning above the minimum wage, including those earning $30,000 per year.
- Industry-wide wage increases: As the minimum wage increases, it may put pressure on other industries or companies to increase wages to remain competitive. This could lead to wage increases for those earning above the minimum wage, including those earning $30,000 per year.
- Changes in benefits or perks: As the minimum wage increases, companies may adjust their benefits or perks to remain competitive. For example, they may offer additional benefits, such as paid time off or health insurance, to attract and retain employees who are already earning above the minimum wage.
It's worth noting that the effects of the new minimum wage on those earning $30,000 per year will likely vary depending on the specific industry, company, and location. Some companies may choose to increase wages or benefits to remain competitive, while others may not.