The Minnesota Department of Labor and Industry has released its 2022 Minnesota minimum-wage report.
Key findings include:
- Actual minimum wages for Minnesota, Minneapolis and St. Paul: The Minnesota minimum wage – $10.33 an hour for large employers in 2022 – is adjusted annually for inflation. The minimum wages for large employers in Minneapolis and macro employers in St. Paul reached $15 in 2022. Minimum wages for other employers of different sizes in Minneapolis and St. Paul will reach $15 in various years from 2023 to 2027, and will be adjusted for inflation thereafter.
- Actual annual earnings at the minimum wage: For workers earning the Minnesota minimum hourly wage and working 40 hours a week, annual wages in 2022 are $21,486 for workers at large employers and $17,514 for workers at small employers. As of July 1, 2022, workers in Minneapolis earn annual full-time wages of $31,200 at large employers and $28,080 at small employers, while St. Paul workers earn $28,080 at large employers and $24,960 at small employers.
- Inflation-adjusted minimum wages: The 2022 Minnesota large-employer minimum wage of $10.33 an hour is below the average rate of the federal minimum wage for 1960 through 1981, which adjusting for inflation was $11.71. When the Minneapolis and St. Paul minimum wages reach $15, they will be higher than the federal minimum wage peak of $13.65, adjusted for inflation, which was reached in 1968.
View the full report at https://bit.ly/3GAFBgw.
Categories: Minnesota, Business