The minimum wage in NJ is going up once again. Effective January 1, 2021, NJ’s general minimum wage will increase by $1.00 to $12.00 an hour. In fact, due to a law signed by Governor Phil Murphy in February 2019, the state’s minimum wage will increase annually based on inflation, to $15.00 an hour by 2024, recognizing that the minimum wage must be a living wage, and ensuring low-wage earners are given a fair chance at financial success. This is a good time for companies to closely review their salary ranges to ensure that they are abiding by the new required minimum wage, or consider the development of a formal salary structure, which will help to align pay with the competitive market, while being in compliance with the new regulations.