Seattle's minimum wage will increase to nearly $20 an hour next year, making it one of the highest rates in the country, the Seattle Office of Labor Standards (OLS) announced Monday.

According to the OLS, the minimum wage for small and large employers (501 or more employees) will be $19.97 an hour, starting on Jan. 1, 2024. The agency said in a release Monday the minimum wage will be $17.25 an hour for small businesses (500 employees or fewer) that do not pay at least $2.72 an hour towards employees' medical benefits or if the employees make at least $2.72 an hour in tips.

Seattle's current minimum wage is $18.69 an hour. The incoming raise will be a 6.8% increase from 2023.

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