As part of a plan to see minimum wage increase in Minneapolis, the next phase of an increase plan was implemented over the weekend.

The beginning of the year saw a new ordinance go into effect in the city of Minneapolis that would increase minimum wage to $15 per hour by 2024. As of January 1, 2018 large businesses (any business with 100 or more employees) were required to pay a minimum of $10 per hour. As of the weekend -- July 1 -- minimum wage is now $11.25 per hour for large businesses and $10.25 for small businesses.

The plan is to increase minimum wage for large businesses by $1 each year through 2022, capping at $15 per hour. Small businesses will increase every year through 2024 anywhere between 75 cents and $1 until minimum wage is equal to that of large businesses at $15. Tips do not count towards hourly wages.

Date Small business: 100 or fewer employees Large business: more than 100 employees
Jan. 1, 2018  No increase $10
July 1, 2018 $10.25 $11.25
July 1, 2019 $11 $12.25
July 1, 2020 $11.75 $13.25
July 1, 2021 $12.50 $14.25
July 1, 2022 $13.50 $15
July 1, 2023 $14.50 Indexed to inflation
July 1, 2024 Equal to large business Indexed to inflation

According to the city of Minneapolis, "There are more than 84,000 people in Minneapolis with incomes below the federal poverty level. An increase in the minimum wage to $15 an hour would benefit 23 percent of workers in Minneapolis (about 71,000 people). Of this number a majority are low-wage workers of color."