MAINE, USA — There is a new minimum wage in Maine starting in 2021, now set at $12.15 per hour. That's just a $.15 increase from 2020.
Starting in 2021, Maine will now begin increasing the minimum wage based on the price of living index in the state each year. For the last three years, Maine's minimum had increased by $1, following a referendum approved by voters in 2016.
"Any time you can an increase whether it's 15 cents an hour or a dollar hour or whatever it is, I think it'll go further and help you in the long run if you go in and make some modifications and take an assessment of your finances," said Town & Country FCU senior VP of communications Jon Paradise.
The minimum wage has also risen for workers who earn wages partially in tips. The minimum wage for tipped employees is now $6.08 per hour.
Paradise says it's important for minimum wage employees to make note of the change, and adjust budgets accordingly.
"The $.15 an hour increase while nice, isn't going to go as far as it has in previous years," said Paradise. Paradise adds the wage increase creates an opportunity to adjust elements in benefits, 401k contribution, and more.
"It's the perfect time to look back at your finances," said Paradise.