Inflation will push New Jersey’s minimum wage above $14 in January

newjerseymonitor.com
Surging prices will prompt a first-of-its-kind inflation adjustment to New Jersey’s minimum wage in January, pushing the state’s wage floor a few pennies above the $14-an-hour minimum that had been scheduled to go into effect.

But while the inflation adjustment, which was written into the 2019 law that will hike the minimum wage to $15 an hour in 2024, will help some very low-income residents keep up with rising prices, it won’t raise their purchasing power past where it was at the start of this year.