New NJ Minimum Wage Rates - My9 New Jersey

New NJ Minimum Wage Rates

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This past November, the people of New Jersey voted to increase the state’s minimum wage by a dollar along with a constitutional amendment to have that amount increase annually.

So on January 1, 2014 the minimum wage will increase to $8.25 and the New Jersey Policy Perspective just came out with an analysis about how they think the Garden State will benefit from the increased wages.

Statistics show that this increase will affect 450,000 residents in New Jersey and that it will also generate about $173 million of economic growth.

However, Jack Mozloom with the National Federation of Independent Business thinks that these numbers are very one sided.

“They assume all of the upside. Low wage workers having more money to spend in the economy and they ignore completely the other side of the equation which is a higher cost for labor in this case 14% immediately and then every year thereafter forever until the rapture. So we think that’s going to have a much bigger impact long term and going to result in a slower economy, slower output and tens of thousands of jobs,” he said.


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