In the year 2021, the minimum wage in the state of Illinois is expected to rise. For many people who depend on minimum wage jobs to make ends meet, this is wonderful news. The rise in the minimum wage, which is a part of a bigger initiative to raise Illinois employees’ living standards, has drawn both support and criticism.
For employees who do not get tips, Illinois’s minimum wage will rise to $11 per hour on January 1, 2021. Compared to the existing minimum wage of $10 per hour, this represents an increase. The minimum salary for those who accept tips will rise to $6.60 an hour. From the existing minimum wage of $6.00 per hour, this represents an increase.
It is crucial to remember that various Illinois cities have their own minimum wage regulations. For instance, Chicago’s non-tipped minimum wage is anticipated to reach $14 per hour by 2022. Chicago-based Target employees currently earn an average compensation of $13 per hour, which is more than Illinois’s current minimum wage.
Illinois McDonald’s employees get an average hourly income of $10.57, which is slightly more than the current minimum wage. The forthcoming hike in the minimum wage will also result in higher pay for McDonald’s staff.
Although $18 an hour may seem like a respectable pay, it really depends on how much it costs to live where you live. For instance, Chicago has a greater cost of living than many other areas of Illinois. A recent survey found that an annual salary of roughly $80,000 in Chicago is considered to be comfortable. With a 40-hour workday, this equates to a wage of almost $38.50 an hour.
Overall, the raise in the minimum wage in Illinois is good news for the state’s workers. Many workers will gain from the higher pay, even though some employers may find it difficult to adapt to the new wage standards. It’s crucial to keep in mind that the ability to live comfortably ultimately depends on the cost of living in your location, and that in some areas of Illinois, $18 per hour may not be sufficient.
What is a good income for a single individual in Illinois? is not addressed in the article “Illinois Minimum Wage Going Up in 2021: What You Need to Know” in any detail.?” as it mainly focuses on the increase of the minimum wage in Illinois. However, according to data from the Bureau of Labor Statistics, the median hourly wage for all workers in Illinois was $22.04 as of May 2020. It’s important to note that a “good salary” can vary depending on an individual’s living expenses, personal financial goals, and other factors.
Although the article discusses Illinois’s increased minimum wage, it doesn’t say whether or not a salary of $110,000 is a decent one. The response to that question would rely on a number of variables, including the person’s employment, surroundings, way of life, and other personal situations.