Illinois Governor J.B. Pritzker recently signed a measure that will gradually hike the state’s minimum wage to $15 per hour by 2025. This pay jump will increase by $1 on January 1st, 2020, raise to $10 on July 1st, 2020, followed by a $1 increase every year on January 1st until 2025 (Source: Chicago Tribune).

Minimum wage workers in Illinois have been making $8.25 per hour for the past 8 years, but this bill will join Illinois with New York and California among the first states to move towards a $15 minimum wage. New York will be expected to reach this goal first by 2021, as their minimum wage has increased by $0.70 each year. California will follow suit by 2022, raising the wage by $1 each year.

California, Illinois, and New York also happen to be among the worst fiscally performing states, receiving an “F” grade from our 2018 Financial State of the States. Time will tell how the increased minimum wage will help or hurt the economic conditions of 3 of the largest U.S. sinkholes states.

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