Virginia – Virginians who currently earn minimum wage will see a decent increase on their paychecks starting January 1st.
According to the state’s plan for increasing the minimum wage in the state of Virginia in the next couple of years, those who currently earn $9.50 an hour will start earning $11 an hour starting January 1st.
The several-year increase plan should end in 2026 when the minimum wage in Virginia should reach $15 an hour. The minimum wage was last time increased in 2009.
However, the Small Business Development Center warns of a double-edged sword when these increases hit your wallet.
“You’re going to get more money in your paycheck, but it’s going to cost you more to get to work gasoline-wise,” Capital Business Advisor Greg McFetridge said.
Although it’s good to see a bump in your earnings at the end of the month, the inflation and the rising prices won’t let people to feel the real difference.
“Expect to see increased prices all across the board,” McFetridge said. “Nobody can cover these costs. No good restaurant is going to cover these costs without passing them on.”
Just like many finance experts around the world, McFetridge believes that increasing the minimum wage has its own pros and cons and only the time will show how the increase will really affect the state’s economy.
“You get more money on one side,” he said. “What’s going to cost you more money to live on the other side… It’s hard to say what’s going to happen.”