New Jersey legislators to vote on hiking minimum wage to $15 by 2024

New Jersey lawmakers are set to vote on legislation phasing in over five years an hourly minimum wage of $15.

The Democrat-led Assembly and Senate have scheduled votes on the proposal, which already has Democratic Gov. Phil Murphy's blessing, on Thursday.

Murphy and lawmakers announced a deal earlier this month on the measure to make New Jersey the fourth state after California, Massachusetts and New York to phase in the $15 rate.

New Jersey's current rate is $8.85 an hour.

Murphy and legislators say the higher rate is needed so workers can try to keep up in this expensive state.

Industry groups, business owners and Republicans worry the high rate will hurt commerce and further make high-cost New Jersey uncompetitive.