The purpose of this disclosure is to explain how we make money without charging you for our content.
Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.
Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.
Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.
Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.
To find out more about our editorial process and how we make money, click here.
While many people were disappointed by the results of Tuesday’s elections, some Americans are celebrating the fact that a pay raise is finally on the horizon.
Voters in Washington, Arizona, Colorado, and Maine all approved measures to raise their state’s minimum wage, Bloomberg reported.
Mainers will see the greatest pay hike, with the minimum hourly pay jumping from $7.50 to $12 by 2020, and later increasing with inflation. The minimum wage for tipped workers there will also increase to $5 an hour, with $1 increase until their earnings equal the general minimum wage by 2024. Colorado will also give workers a sizable raise, incrementally increasing the minimum wage from $8.31 to $12 by 2020.
In Washington, not only will workers receive a pay increase — from $9.47 to $13.50 by 2020 — but employers will now be required to provide them with one hour of paid sick leave for every 40 hours worked. Along with a pay hike from $8.05 to $12 by 2020, Arizona will also provide workers with sick leave: 40 hours annually for those at large companies, 24 hours for those at smaller businesses, and guaranteeing one hour of paid sick time for every 30 hours worked.
Still, the increases aren’t as great as those seen in some major cities — like Washington, D.C., Seattle, San Francisco and New York City — which have passed ballot measures to raise the minimum wage to $15. However, in the wake of Donald Trump’s victory last night in the presidential election, others hoping for a raise might be in luck. The president-elect told CNN in May he might be “open to doing something” about the minimum wage, though that statement reversed his earlier claims that wages were too high across the country.