States With Minimum Wage Hikes For 2017 – Labor Market Update
Twenty-one states will impose an increase to their minimum wage requirements in 2017. The Fair Labor Standards Act sets federal minimum wage standards, while state governments set state minimum wages. While some states have higher minimum wage standards than federal law, others have the same rate or none at all. Where federal and state laws have different minimum wage rates, the higher standard (wage) applies.
Minimum wages vary from state to state depending on various factors including local area price levels and cost of living metrics. Economically inhibited regions may impose a lower minimum wage while more productive economically sound regions impose higher minimums.
Recent data released by the Labor Department showed that full-time workers in the information industry saw the highest wage growth due to a short supply of well-educated workers, which encourages companies to raise pay in order to retain and attract top talent.
Source: U.S. Department of Labor