New Jersey’s minimum wage set to exceed $15 in 2024

New Jersey has been working for years toward a minimum wage of $15 per hour by 2024.

The Garden State will exceed that goal on Jan. 1, according to an announcement on Tuesday by the New Jersey Department of Labor and Workforce Development.

The hourly rate will rise by $1, to $15.13, for most employees.

"This is a proud moment for New Jersey as we prepare to become one of only a handful of states with a minimum wage above $15 an hour," said Labor Commissioner Robert Asaro-Angelo.

The yearly hikes are part of legislation signed by Gov. Phil Murphy in February 2019. The hourly wage must increase by at least $1 yearly through 2024 — last year, the minimum wage rose $1.13, to $14.13 per hour, due to significant increases in the Consumer Price Index.

Seasonal and small employers have until 2026 to reach a $15 minimum wage. Their hourly pay mandate will increase to $13.73 on Jan. 1, up from $12.93. Agricultural workers are on a separate timetable that calls for a $15 minimum hourly wage by 2027.

After the law signed by Murphy maxes out, the state's minimum wage will continue to be adjusted on a yearly basis according to the Consumer Price Index.

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