Good News: New Jersey Minimum Wage Will Be $15 in the Near Future

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An integral part of Governor Phil Murphy’s campaign was the promise to raise minimum wage, and he did just that on Thursday, Jan. 17.

Governor Murphy, along with other legislators from New Jersey worked to fundamentally change the minimum wage in New Jersey.

The deal stipulates that minimum wage will be raised from $8.85 all the way to $15. It is important to remember that this raise is not immediate. By 2024, the minimum wage in New Jersey is expected to be $15, meaning that the deal will take roughly five years to have a full-effect.

Of course, this change will be easier to roll out for larger corporations like fast food chains. For example, White Castle is expected to change their minimum wage pay from roughly $9 to $11 within the next month.

However, the shift will be different for small businesses in New Jersey. According the New York Times,  “…for seasonal workers and employees at small businesses who employ five workers or less, the base minimum wage would reach $15 an hour by 2026. For farmworkers, the base minimum wage would increase to $12.50 an hour by Jan. 1, 2024. Then, a special committee would review whether to raise those workers’ minimum wage to $15 an hour.”

What does this mean for Brookdale students, and college students everywhere? Many college students working entry-level, minimum-wage jobs will have a pay raise. This could partially assist in the many expenses that college students have.

So, here’s the good news: while the change in minimum wage is not necessarily immediate, the change will come, and the financial landscape for college students will be very different.