Chicago’s minimum wage will get its annual increase Monday, when it will hit $16.20 for most workers across the city. Chicagoans familiar with the city’s minimum wage ordinance will notice two significant changes this year. First, the minimum wages for large and small businesses are now equal, not tiered. July 1 also marks the first step in the city’s plan to gradually phase out the tipped minimum wage by 2028. Chicago became the largest U.S.