Alaska’s minimum wage will increase to $11.73 per hour, effective January 1, 2024, from the current minimum wage of $10.85 per hour. This represents an increase of $0.88, or approximately 8.1%. Minimum salaries for certain exempt employees will also rise on January 1, 2024. These employees are required to maintain a salary equivalent to two times the minimum wage for the first 40 hours they work. Consequently, the minimum salary for such workers will increase to $938.40 per week, or $48,796.80 per year, from the current minimum of $868.00 per week, or $45,136.00 per year.

As 2024 approaches, Alaska employers should be prepared to address this update as of January 1, 2024.