Feb 4, 2019 - Economy

New Jersey is bumping its minimum wage to $15

Gov. Phil Murphy has signed $15 minimum wage legislation. Photo: Eduardo Munoz Alvarez / Getty

New Jersey Gov. Phil Murphy. Photo: Eduardo Munoz Alvarez/Getty Images.

Democratic Gov. Phil Murphy signed legislation on Monday raising the hourly minimum wage from $8.85 to $15 by 2024, making it the fourth state in the country to phase in the higher rates.

Why now: New Jersey joins California, Massachusetts, New York and the District of Columbia in incrementally increasing the minimum pay for entry-level and low-skill jobs. The increase is a long-desired policy goal for Democrats nationwide, and a key campaign promise of Murphy's. The minimum wage is expected to rise in 20 states and more than 20 cities around the country this year.

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