The new year is upon us, which means the next installment of Illinois minimum wage increases. Whether you are a business owner or an individual, knowing what these changes look like and where you may see increases is important.
January 1st, 2024, activates the next scheduled increase of the Illinois minimum wage, rising from $13.00 to $14.00 per hour. The minimum wage has been increasing since 2020 and will continue to increase by $1.00 per hour each January 1st until it reaches $15.00 per hour on January 1st, 2025.
Additionally, this scheduled increase impacts the tipped employee wage rate, which is 60% of the hourly minimum wage. Effective January 1st, 2024, the tipped wage rate will increase to $8.40 per hour and continue to increase annually with the minimum wage increases.
Below is a breakdown of Illinois’ scheduled minimum wage rate increases by year.
For further information on these increases, please visit the Illinois Department of Labor website. Eccezion is here to guide you through these increases to ensure that you stay compliant. Please reach out to our payroll specialists at firstname.lastname@example.org should you have any questions.