The Alaska minimum wage will increase from $10.85 to $11.73 in 2024.
In 2014, Alaska voters passed a ballot initiative to annually adjust the minimum wage for inflation.
Alaska Statute 23.10.065(a) requires the Alaska minimum wage to be adjusted using the Consumer Price Index for urban consumers in the Anchorage metropolitan area (Anchorage CPI-U) for the preceding calendar year. The Anchorage CPI-U increased 8.1 percent in 2022. As a result, the minimum wage will rise from $10.85 to $11.73 effective Jan. 1, 2024.
The Alaska minimum wage applies to all hours worked in a pay period, regardless of how the employee is paid- whether by time, piece, commission or otherwise. All actual hours worked in a pay period multiplied by the Alaska minimum wage is the very least an employee can be compensated by an employer unless the employer can clearly show that a specific exemption exists.
Salaried Employees, who are exempt from the minimum wage and overtime requirements under Alaska Statute 23.10.055(b), as bona fide executive, administrative, or professional employees, must maintain a salary that is equivalent to two times the minimum wage for the first 40 hour worked. Meaning, effective Jan. 1, 2024, the minimum salary for these workers will increase from $868.00/week or $45,136 per year in 2023, to $938.40 per week or $48,796.80 per year.