NJ Minimum Wage Update
NJ Governor Phil Murphy officially signed the NJ Minimum Wage Bill into law on Monday, February 4th. The law will increase the minimum wage rate from $8.85 (currently) to at least $15.00 by 2024. The wage increase progression will be as followed:
Most notably, the above progression and schedule does not pertain to very small businesses, “employers with five or fewer employees may not have to pay $15.00 an hour to those employees until 2026.” Further, the law includes a provision allowing employers to take a “tip credit” against their minimum wage obligations.
Dennis Dovie | 02/13/2019