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Minimum Wage Set for $15 per Hour


Ordinance passes in City of Minneapolis

July 12, 2017

The City of Minneapolis has approved raising its minimum wage to $15 per hour by 2024, after a long debate among business owners, workers, and the city council.

The federal government has not raised the minimum wage since 2007, leading a number of states, counties, and cities to put forward plans to raise the minimum wage on their own. Minneapolis now joins cities such as Seattle, San Francisco, and New York City who have done just that.

What is the purpose?

To increase the minimum wage in an effort to promote the health, safety, and welfare of those who work within the city’s borders.

Who does this effect?

Employees who work within the boundaries of Minneapolis and who are typically based outside the city, but performs work at least two hours of work on a weekly basis for an employer within the geographic boundaries of the city.

When does this go into effect?

The phased approach begins Jan. 1, 2018 for small and large employers. Large businesses are defined as having more than 100 employees and small businesses as 100 or fewer workers.

Date
Large Business: five years
Small Business: seven years
Jan. 1, 2018
$10 No increase
July 1, 2018
$11.25 $10.25
July 1, 2019
$12.25 $11
July 1, 2020
$13.25 $11.75
July 1, 2021 $14.25 $12.50
July 1, 2022 $15 $13.50
July 1, 2023 $15 indexed to inflation $14.50
July 1, 2024 $15 indexed to inflation $15


This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.