Minimum wages will increase 2.5% in 2023
Updated: Aug 24, 2022
The Minnesota Department of Labor and Industry has announced that minimum wages will increase by 2.5% in 2023 in order to keep up with inflation. Effective January 1, large employers are required to pay employees at least $10.59 per hour, while smaller employers must pay at least $8.63 per hour.
Both St. Paul and Minneapolis have their own tax laws in place. In Minneapolis, the minimum wage is currently $15 for large businesses and $14.50 for small businesses. On July 1, 2023, the hourly wage in St. Paul will be $15.00 for large businesses and $13 for small businesses.
Meanwhile, a report recently released by the National Low Income Housing Coalition found that a Minnesotan would need to make at least $22.41 per hour in order to be able to afford a 2-bedroom apartment.
According to a 2018 study by the Wilder Foundation, lack of affordable housing is the primary barrier facing Minnesotans seeking to get out of homelessness.