Minimum wage in Virginia increasing on Jan. 1
CHARLOTTESVILLE, Va. (WVIR) - If you currently make minimum wage in Virginia, expect to see a few more dollars added to your paychecks in 2022.
“Back in May, they increased the minimum wage for the first time since 2009, up to $9.50 an hour,” Central Virginia Small Business Development Center Access to Capital Business Advisor Greg McFetridge said. “January 1, it goes up to $11 an hour.”
This is all part of a plan to bump minimum wage to $15 an hour in 2026. 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,” McFetridge said.
He says you should also expect to see a price hike on your restaurant tab.
“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.”
He says there’s pros and cons to the the hike in minimum wage, but only time will tell what the full effects of the increase will be.
“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.”
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