UNDATED (WJON News) -- Minnesota's minimum wage rates will be adjusted for inflation on January 1st.

Large employers with annual gross revenues of at least $500,000 must pay at least $10.85 an hour.

Small employers must pay at least $8.85 an hour. The training wage and youth wage rates are also $8.85 an hour.

The state minimum wage rates don't apply to companies in Minneapolis and St. Paul which have higher rates. Large employers in those two cities have a minimum wage rate of $15 an hour and they expect the minimum wage for smaller employers in those two cities to reach $15 an hour between 2024 and 2027.

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The state says for workers earning the Minnesota minimum hourly wage and working 40 hours a week, annual wages in 2023 are $22,027 at large companies and $17,950 at small companies.

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