As of May 2021, the minimum wage in the U.S. state of Wyoming is currently set at $5.15 per hour for workers who are not covered by the federal minimum wage as well as for tipped employees. However, the minimum wage in Wyoming will be subject to change in the coming years, especially in 2023. In this essay, I will discuss the likely changes in Wyoming’s minimum wage in 2023 and the potential impacts this shift can have on the state’s economy.
Since 2007, the federal minimum wage has been set at $7.25. In Wyoming, the standard hourly rate is currently lower than the federal minimum, at $5.15. However, the state does adhere to a different minimum wage for tipped employees, which is currently set at $2.13 per hour. This amount has not been adjusted since April 2015 when Wyoming repealed its own state minimum wage. As a result, it has become increasingly likely that Wyoming will adjust its minimum wage in the coming years, with the first change in 2023.
Proponents of increasing the Wyoming minimum wage often point to the low wages of workers in the state as a primary driver of poverty and economic hardship. Currently, Wyoming has a higher rate of poverty than the national average and its wages are among the lowest in the nation. The proposed changes to the state’s minimum wage in 2023 would seek to improve the financial security of working families and help to reduce the number of people living in poverty in the state.
A higher minimum wage could also have a positive economic impact in Wyoming. By raising the minimum wage, the state could increase consumer spending, which could lead to more jobs being created, as well as to an increase in wages for workers who are currently employed. Additionally, it could put more money in the pockets of citizens, who can then spend it in the local economy and contribute to the overall growth of the state.
The exact amount of the proposed wage increase in 2023 has yet to be determined, though the Wyoming Legislature is considering a range of potential figures. The numbers currently under consideration include an increase to $7.25, $8 or $10 per hour for employees not covered by the federal minimum wage, as well as an increase to $3.10 or $4.20 per hour for tipped employees. The figures being examined will be subject to further debate and negotiation by the Wyoming Legislature before they are finalized.
In conclusion, while the exact amount of the proposed wage increase has yet to be decided, it is likely that the minimum wage in Wyoming will change in 2023. By raising the minimum wage, the state would be providing more financial security to working families, as well as stimulating economic growth. It is essential that the Wyoming Legislature make sure the final figure of the minimum wage is fair and equitable to the citizens of the state.
