Minimum wage raised from &7.25 to $9.50 per hour Virginia
Minimum wage raised from &7.25 to $9.50 per hour in Virginia. Gov. Ralph Northam signed bill that went into effect May 01, 2021 pushed through by Virginia Democrats early 2020. Jan 2023 the rate will increase to $12 an hour. Virginia, 29 other states, and D.C. have approved higher minimum wage above national levels. The higher earnings should improve the standard of living by providing more adequate income to handle the cost of living increases.
Another potential benefit could be relief on state financial aid expenditures for poor and low-income workers. A higher minimum wage would mean more cash flow to other business, retailers, and might provide some solid economic growth. Now this all sounds great but what is the possible downside? One disadvantage is businesses might increase prices causing inflation. Greater operating expenses could lead business owners to cut jobs to maintain profitability. The bottom line raising Virginia state minimum wage is expected to lift people out of poverty, however has the possible downside of job loss and inflation.