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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:

At least $10/hour by July 1^st, 2019
At least $11/hour by January 1^st, 2020
At least $12/hour by January 1^st, 2021
At least $13/hour by January 1^st, 2022
At least $14/hour by January 1^st, 2023
At least $15/hour by January 1^st, 2024

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.

Source: Paychex

Dennis Dovie | 02/13/2019