Wage impacts of increasing the minimum wage under the Raise the Wage Act of 2017, 2017—2024
| Date | New minimum wage | New tipped minimum wage | Increase in wages for directly affected only (2016$) | Change in average hourly wage of directly affected workers (2016$) | Change in average annual income of directly affected workers who work year round (2016$) | Real percent change in average annual income of directly affected workers | Increase in wages for all (directly & indirectly) affected workers (2016$) | Change in average hourly wage of all affected workers (2016$) | Change in average annual income of all affected workers who work year round (2016$) | Real percent change in average annual income of all affected workers |
|---|---|---|---|---|---|---|---|---|---|---|
| July 2017 | $9.25 | $4.15 | $13,157,248,000 | $0.97 | $1,507 | 11.9% | $16,749,304,000 | $0.59 | $932 | 6.0% |
| July 2018 | $10.10 | $5.30 | $20,605,898,000 | $1.31 | $2,047 | 15.7% | $27,130,532,000 | $0.76 | $1,209 | 7.3% |
| July 2019 | $11.00 | $6.45 | $35,696,497,000 | $1.33 | $2,118 | 14.3% | $41,859,338,000 | $1.03 | $1,663 | 9.8% |
| July 2020 | $12.00 | $7.60 | $54,233,716,000 | $1.71 | $2,750 | 17.9% | $62,573,360,000 | $1.26 | $2,039 | 11.3% |
| July 2021 | $13.00 | $8.75 | $76,162,451,000 | $2.04 | $3,323 | 20.6% | $87,462,083,000 | $1.43 | $2,349 | 12.3% |
| July 2022 | $13.50 | $9.90 | $87,683,352,000 | $2.42 | $3,964 | 24.6% | $104,712,606,000 | $1.70 | $2,800 | 14.5% |
| July 2023 | $14.25 | $11.05 | $99,006,956,000 | $2.76 | $4,538 | 28.0% | $123,927,577,000 | $1.90 | $3,158 | 16.0% |
| July 2024 | $15.00 | $12.20 | $112,473,568,000 | $3.10 | $5,121 | 31.3% | $144,053,712,000 | $2.08 | $3,474 | 17.3% |
Notes: Values reflect the result of the proposed change in the federal minimum wage. Wage changes resulting from scheduled state minimum wage laws are accounted for in the simulation. Totals may not sum due to rounding. Shares calculated from unrounded values. The total workforce is estimated from the CPS respondents who were 16 years old or older, employed, but not self-employed, and for whom a valid hourly wage is either reported or can be determined from weekly earnings and usual weekly hours. Directly affected workers will see their wages rise as the new minimum wage rate will exceed their current hourly pay. Indirectly affected workers have a wage rate just above the new minimum wage (between the new minimum wage and 115 percent of the new minimum). They will receive a raise as employer pay scales are adjusted upward to reflect the new minimum wage. Values in each step are cumulative of all preceding steps.
Source: EPI analysis of Current Population Survey Outgoing Rotation Group microdata, 2016; dollar values adjusted by projections for CPI-U in CBO (2017)
This chart appears in:
Previous chart: « Summary statistics on minimum wage violations in North Carolina
Next chart: Summary statistics on minimum wage violations in Ohio »