Minimum wage is going up in 20 states on Jan. 1

Workers in 20 states will ring in the new year with higher wages.

Minimum wage will increase in 20 states on Jan. 1, with a boost of five cents an hour in Alaska all the way up to $1.50 per hour in New York City. In November, voters in Missouri and Arkansas passed ballot measures to increase minimum wage in their state, while increases in 18 other states are due to legislation already passed or inflation adjustments, MoneyWatch reports. At least five million Americans will see a raise, the Economic Policy Institute said.

It's been nearly 10 years since Congress last increased the federal minimum wage to $7.25 per hour. David Cooper, senior economic analyst at the research group EPI, told MoneyWatch that if Congress isn't going to raise the federal minimum wage, "state lawmakers are feeling compelled to do it, and even local lawmakers. The minimum wage is such a simple, straightforward way to improve wages for people."

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