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While the Fight For 15 gathers momentum across the country to raise the minimum wage in some states, it can be confusing to stay up to date with the minimum wage laws in your own place of business.
We’ve compiled a guide for Wyoming small business owners to feel prepared for any and all changes in minimum wage laws in 2024 and beyond.
What is the minimum wage in Wyoming?
The Wyoming minimum wage is $5.15. Wyoming is tied for the lowest minimum wage in the nation. Georgia’s minimum wage is also $5.15.
However, since the federal minimum wage is $7.25, Wyoming workers are entitled to earn $7.25 unless they are considered exempt under the FLSA. The federal minimum wage trumps any state or local minimum wages, as long as the federal minimum wage is higher.
Some exemptions to consider:
- Employers can take a “tip credit” of up to $5.12 per hour. Tipped employees must be paid a minimum of $2.13 per hour. In Wyoming a tipped employee is someone who receives more than $30 in tips per month.
- Student workers and interns can be paid 85% of the minimum wage rate, or $6.16 per hour.
- Any new employee under the age of 20 can be paid a training wage of $4.25 per hour for the first 90 days of work.
- Employees working overtime — more than 40 hours per week — are entitled to earn 1.5 times their hourly wage, or a total of $10.88 per hour.
- Wyoming has also exempt a number of occupations from state and federal minimum wage law, including farmers and seasonal workers in addition to certain nonprofit and educational organizations.
Will the minimum wage change in 2024?
The Wyoming minimum wage is not slated to change in 2024. Wyoming has not increased its minimum wage since 2009 when it went up $0.70 from $6.55. In early 2021, the Wyoming state government considered a bill to raise the state minimum wage to $15 per hour, but not enough support was generated to pass the proposal. As of now, the Wyoming minimum wage will continue to match the federal minimum wage.
Are there plans to change Wyoming’s minimum wage beyond 2024?
There are no current plans for a Wyoming minimum wage increase beyond 2024. But since bills continue to be proposed in the legislature, there’s a chance that new ones could come up this legislative session.
How should small business owners prepare for changes to Wyoming’s minimum wage?
Even though there are no official plans for a Wyoming minimum wage increase, it’s good to financially prepare your business for any future increase. Talk to an accountant to ensure you’re paying your workers the correct minimum wage, state or federal.
Here are a few things you can do to be ready for a potential increase:
Audit your expenses: Look over your cash flow and see if there is anything you can change. Do you need to cut expenses by working with different vendors? Hosting events and pop-ups and even renting out your extra space can help you bring in more funds.
Keep the good employees: It’s expensive to hire, fire, recruit, and train employees. When you do hire new workers, make sure you’re hiring the best of the best. Once they are on board, dedicate time and resources to help retain those who contribute positively to company culture.
Update technology: Consider automating your payroll. Square payroll software can help save you time so you can focus on other aspects of your growing business. It comes with a robust set of tracking and automated payroll features with small business pricing in mind, such as handling both hourly and salaried employee payroll. Plus, avoiding payroll mistakes is a lot easier thanks to the ability to import time cards from Square POS, Square team app, or third-party partners.
We want to be your small business partner and help you and your business grow, whether it’s understanding Wyoming minimum wage laws or helping you get a free EIN.
