According to the economic think tank Economic Policy Institute (EPI), this Tuesday, July 1, the new base wage adjustments will go into effect in several states across the country.

In this regard, EPI's state economic analyst, Sebastián Martínez Hickey, commented that "these minimum wage increases will provide more money to workers, which that will help many of them and their families make ends meet,” he said.

These wage increases come amid a higher cost of living that has caused Americans to become more cautious with their spending, while also looking to save more for retirement.

So far, the federal wage remains the same at $7.25 since 2009, so many states and cities have decided to raise their wages. It is estimated that approximately 800,000 workers in Alaska, Oregon, and Washington, DC will receive their raises by this Tuesday.

Alaska will increase the wage by $1.09 to $13.00 per hour, in Washington, DC the minimum wage increased by 45 cents to $17.95 per hour, and in Oregon it will increase by 35 cents to $15.05 per hour.