What You Need to Know About New Mexico’s Minimum Wage

What You Need to Know About New Mexico’s Minimum Wage
Are you a business owner in New Mexico? Here’s a guide to keep you up-to-date on minimum wage in your state.
by Meredith Galante Nov 10, 2023 — 1 min read
What You Need to Know About New Mexico’s Minimum Wage

Throughout the country, state legislators are deciding what a fair minimum wage should be in their state. With so many laws changing, it can be confusing to follow what’s happening closer to home.

We’ve got you covered on what’s happening next for the New Mexico minimum wage, and what you need to do as a small business owner to be prepared.

What is the minimum wage in New Mexico?

The New Mexico minimum wage is $12.00 per hour for non-tipped employees and $3.00 per hour for tipped employees in 2024.

However, some cities and counties within the state have higher local minimum wages. Your business is required to pay its workers whichever rate is higher, state, or local. For instance, the minimum wage in Santa Fe County is $14.03. For tipped employees, the minimum wage is $4.21. As of Jan. 1, 2023, the minimum wage for tipped employees is $7.20 in Albuquerque, and $4.78 in Las Cruces.

How should small business owners prepare for changes to the minimum wage?

Knowing the schedule of New Mexico’s minimum wage increase can help you plan accordingly. However, there are other steps you can take to help offset any cost associated with the rising wages.

 

Whether it’s informing you on the New Mexico minimum wage, or helping you get a free EIN, Square is here to help both you and your business find success.

Meredith Galante
Meredith Galante is a freelancer writer based in New York City. She's been writing for Square since 2017 where she's covered everything from the best software for restaurants to use to maximize profit, minimum wage laws across the country, and tips for entrepreneurs to maximize their impact.

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