Please note that the information contained in this article is limited in scope and is only intended as a high-level overview of the topics discussed. The information is current as of the publication date only, and the laws (and associated agency and/or judicial interpretations) on the topics discussed could change at any point in the future. Block, Inc. (including its affiliates, subsidiaries, employees, officers, directors, attorneys, and tax advisors) undertakes no obligation to update this article for future changes in the law. In addition, laws vary by jurisdiction, and this article does not attempt to address all jurisdictions — for example, states, counties, or cities often have requirements that differ from federal law. Nothing in this article is or should be used as tax or legal advice. In particular, this article cannot be relied upon for the purposes of avoiding taxes, penalties, or other obligations under applicable law. For guidance or advice specific to your business, you should consult with a qualified tax and/or legal professional.
We’ve put together this informative guide on the changing minimum wage in Nevada.
What is the minimum wage in Nevada?
The minimum wage in Nevada increased on July 1, 2022 to $9.50 an hour for employers that provide qualifying health benefits and $10.50 per hour for employers that do not. As of the writing of this article, that’s $2.50 more than the federal minimum wage.
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Will the minimum wage change in 2023 and beyond?
Effective July 1, 2023, Nevada’s minimum wage will rise to $10.25 per hour for employers that provide qualifying health benefits and $11.25 per hour for those that do not.
In 2022, Nevada passed a ballot measure that establishes a $12 minimum wage, effective July 1, 2024 regardless of health benefits offered.
How should small business owners prepare for changes to the minimum wage in Nevada?
The minimum wage in Nevada is constantly changing, which is why it’s important to remain aware of how your business will be affected. It’s also important to analyze your business type to better understand which tier you fall into when it comes to the differing minimum wages and how they will affect your business and your employees. Take the below into consideration when evaluating the Nevada minimum wage changes.
Audit your expenses. The best way to prepare for a state increase in minimum wage rates is to take a full look at your business expenses and see where you can make necessary cuts or changes.
Make the right hires. When you hire the right employees you can ensure proper retention, engagement, and productivity. Once they’re onboarded, make sure you build a relationship and provide paths for growth, and ensure you are keeping valuable employees and promoting effective and efficient employee engagement.
Update your technology. New technology can pave the way for growth and success for your business. Square Payroll for small businesses has features that allow you to get some time back and focus more on running your business than on doing paperwork, showing how technological investment can drive success.