Check the latest minimum wages for Virginia
Business owners, organizations and corporations must stay updated and compliant with minimum wages in Virginia to avoid any legal issues. Staying aware and updated helps to plan better for the future of business. Minimum wages in Virginia are closely linked to the cost of living and inflation rate in Virginia so everyone can afford a standard of living. These minimum wages increase annually based on the inflation rate in the economy and measured by the Consumer Price Index.
The minimum wage for all employees paid on an hourly basis is $12 per hour (applicable from July 1, 2024) irrespective of company size. This rate of minimum wage in Virginia is more than the federal minimum wage of $7.25. In 2023, the minimum wage in Virginia was $12. Employers must provide minimum wages to employees unless they are working in a profession which is exempted from minimum wages. The minimum wages are entitled under the Fair Labor Standard Act (FLSA).
The tipped employees are paid a minimum wage of $2.13 per hour along with the tip amount. However, the tipped minimum wage can vary in some professions.
Employees who get minimum wages in Virginia are also entitled to overtime pay if they work for more than 40 hours per week or 8 hours a day. The amount for overtime pay is a minimum of 1.5 times of an employee’s regular payout which is $18 per hour.
There are certain exemptions for Virginia minimum wages and you are paid minimum wages if you fall in the category:
In Virginia, the minimum wage rate is revised as per the inflation rate of the state. Big businesses and corporations can tackle the rise in minimum wages but it becomes difficult for small business owners to tackle the rising minimum wage of employees.
To tackle the rising wages here are some ways they can consider:
1. Right hiring- It is necessary to ensure that small businesses make the right hiring decisions. Replacing an employee costs a lot for the employer. Before hiring make sure that the employee is a good fit for your business. After completing the onboarding process it is necessary to maintain healthy relationships. Moreover, it is necessary to provide a clear path of growth and success to the employees so that they are likely to stay long with your business.
2. Increase the price of product/service- One of the other ways to tackle the rising minimum wage is to increase the price of the product/service in which the business deals. But it’s necessary to stay with the market trends and the rise should be optimal.
3. Recheck your expenses- Before making hiring decisions it’s necessary to recheck the financial statements of the business. Sometimes hiring temporary or contractual employees proves to be less costly as compared to hiring full-time employees.
Using the above methods small businesses can tackle the increase in minimum wages.
The minimum wage in Virginia in 2024 is $12 per hour.
Full-time high school students and part-time college students are paid a minimum wage of $10.20 per hour in Virginia.
The minimum wage for tipped employees in Virginia is $2.13 per hour.