Those residing in Missouri will see an increase in the minimum wage in the coming year, going from $12 an hour to a 30 cent increase of $12.30 an hour. This will be effective beginning January 1st.
Annual income calculators place this annual wage to equal out to roughly $25,584 a year. This marks the eighth increase to the minimum wage level in Missouri since 2015, with an overall increase of $4.65 an hour.
This overall increase shows that Missouri minimum wage has not only kept up with inflation rates since 2015, but has also exceeded them. The US Bureau of Labor Statistics puts the average buying power of a dollar at $1.31 as of November of this year, with the difference being 31%. The $4.65 increase in the minimum wage puts Missouri’s overall increase at 61%. However, it is important to note that this increase affects only those who work in minimum-wage positions.
According to Forbes, inflation rates for 2024 are expected to be at 2.4%.
