New year, new wage! Effective January 1, 2024, the state's minimum wage of $15 will increase to $15.69 as part of its first-ever economic indicator adjustment.
This increase was made possible thanks tolegislation passedin 2019, which implemented five incremental increases in the minimum wage between 2019 and 2023, followed by future adjustments that are tied to the percentage change in the federal employment cost index.
Beginning on January 1, 2024, and occurring annually each January 1, the state’s minimum wage will be adjusted according to the U.S. Department of Labor’s calculation of the employment cost index for the 12-month period ending on June 30 of the preceding year. The law requires the Connecticut Department of Labor to review this percentage change and then announce any adjustments by October 15 of each year. The minimum wage adjustments become effective on the next January 1.
Providing livable wages to the lowest-earning workers is a step in the right direction to help them make ends meet and provide for their families. This increase not only assists hard-working Connecticut families, but it can spur local economies by putting more money in people's pockets, which drives up spending power and makes it easier to pay household bills. Approximately 60% of minimum-wage earners in Connecticut are women, according to the Current Population Survey, calculated by the US. Census Bureau and U.S. Bureau of Labor Statistics.
No one should be forced to work multiple jobs just to make ends meet. I stand in strong support of this pay adjustment and the workers who will benefit from it.