New Jersey’s Minimum Wage Increase Plan Approved

On Monday, Gov. Phil Murphy of New Jersey, signed into legislation, a law that now paves path for New Jersey workers to earn a minimum wage of $15 an hour. New Jersey, preceded by California, Massachusetts, New York, and District of Columbia, has now joined the growing list of states adopting the left-leaning policy.

Preparing and budgeting for the next five years will benefit home owners, renters, and commercial property owners who are going to be directly affected by the increase in wages. Photo Credit: MITechNews

The measure attempts to introduce the higher wage in subsequent amounts over the course of next five years.

According to Crain’s New York, “The bill raises the current $8.85 minimum wage to $10 an hour in July, and then increases the rate by $1 in subsequent years until it reaches $15 in 2024.”
Thousands of workers in New Jersey are now going to earn higher wages under the new bill. For most workers, this is how the schedule looks:

  • $10 on July 1
  • $11 on January 1, 2020
  • $12 on January 1, 2021
  • $13 on January 1, 2022
  • $14 on January 1, 2023
  • $15 on January 1, 2024

Preparing and budgeting for the next five years will benefit home owners, renters, and commercial property owners who are going to be directly affected by the increase in wages. At Guardian, we are studying and examining the effects of the minimum wage increase on all businesses. We aim to aid businesses by preparing them for the next five years and helping them minimize costs.

The new minimum wage law applies to most workers with the exception of seasonal workers, small businesses and tipped employees.
Workers employed by small businesses (with five workers or fewer) and seasonal employees (whose job falls only in the window of May 1 to Sep. 30) will have to wait until 2026 for their minimum wage to reach $15. Tipped workers currently earning an hourly wage of $2.13 will witness an increase to $5.13 an hour by 2024.

Proponents believe that the increase in minimum wage would have long-standing benefits for the economy in the long run. However, there is no denial that businesses are likely to incur higher costs in the short run.

But behold the anxiety, Guardian is here to help you eliminate unnecessary costs. While you focus on profits, we help prevent loss.
Our leadership includes industry experts like Jonathan Kessler, Guardian’s Senior Vice President, and Jeff Logan, Guardian’s Regional Director of Business Development, both adept at budgeting and cost cutting. Our approach includes developing a tailored plan that addresses the specific needs of your facilities, which assures the achievement of your objectives and generates immediate and cumulative cost savings.

Jonathan Kessler, Guardian’s Senior Vice President is an expert at budgeting and cost cutting. Jonathan has over 19 years’ experience in operation platforms, sales strategies and tactics that deliver revenue growth.

Contact your Guardian Representative to learn more about our solutions.

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