UPDATE: Yesterday, a bill was introduced that has potential to raise New Jersey’s minimum wage to $15, but it would not happen immediately or even by the end of the year. It could become a reality by the year 2024.

The increases would be yearly, and eventually would amount to $15 an hour. As of now the minimum wage in NJ is $8.60 per hour. According to News 12 New Jersey the increases will ago as follows:

January 2019 -- $8.85

July 2019 -- $9.50

January 2020 -- $11.00

2021 - 2024 -- annual raises that will lead up to $15.

I'm guessing a one dollar increase will happen every after 2020 until 2024.

Now that's not the timeline for all businesses because smaller businesses will increase their wages at a slower rate under the bill. Their employees will not be making $15 per hour until 2029. Tipped workers unfortunately will not get upped to $15 an hour but will go from $2.13 per hour to $5.13 per hour.

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ORIGINAL: NJ Governor Wants Raise Minimum Wage To $15 - 11/27/18: Governor Phil Murphy is once again making it known that he would like to see New Jersey's minimum wage raised to 15 dollars per hour by the end of the year.

According to News 12 New Jersey, the state's minimum wage is already getting a quarter per hour increase to be $8.85 on January 1st, 2019.

Yet, Gov. Murphy is willing (and ready) to sign a bill to make it $15.

In the video below, Gov. Murphy makes it known that NJ's minimum wage "is the fifth most insufficient in the country...." The video also shows an interesting graphic, from the U.S. Department of Labor, that shows the places with the highest minimum wages:

1. Washington, D.C. -- $13.25

2. Washington (state) -- $11.50

3. California -- $11

4. Massachusetts --  $11

5. Oregon -- $10.75

As of now, the Garden State falls at 21 on the list. But if Gov. Murphy signs a bill for the wage increase, it would put New Jersey at the top of the list.

I personally think it would be amazing for NJ have that kind of minimum wage increase. It would help so many residents who find it hard to live in the state because of the high cost of living.

Read more on this here.