The new minimum wage increase in Missouri...If you're an employer in retail or service industries and your gross annual income is less than $500,000, this increase to your employees is not mandatory. Previously, the minimum wage was $7.85/hour; effective January 1, 2019, this is increased to $8.60/hour. There will be an annual increase each January until it reaches $12.00/hour in 2023.
Remember though that pay for tipped employees is required to be at least 50 percent of the minimum wage. Employers should adjust those employees' pay to bring the employee’s total compensation each period to equal at least the state minimum wage of $8.60/hr.
Bobbi J. Meneely, CPA
Passionate about helping clients achieve personal financial & business goals.