The bill H.743 proposes to increase the state minimum wage to a livable wage, as defined by the basic needs budget, with the intention of addressing affordability concerns. The General Assembly aims to raise the minimum wage to $18.60 per hour starting January 1, 2027, with future increases determined by either a five percent increment or the percentage increase of the Consumer Price Index, whichever is smaller. The bill also establishes a new definition for "livable wage," which is the average hourly wage necessary for a full-time worker living in shared housing with employer-assisted health insurance to meet basic needs.

Additionally, the bill includes several amendments to existing law. It deletes the previous minimum wage rate of $12.55 and the effective date of January 1, 2022, replacing them with the new minimum wage and a new effective date of July 1, 2026, for the act. The legislative intent emphasizes the importance of aligning the minimum wage with the livable wage as reported by the Joint Fiscal Office in January 2025, ensuring that future adjustments to the minimum wage remain consistent with current law.

Statutes affected:
As Introduced: 21-383, 21-384