Am I required to give a $1.70 increase per hour to my employees that are already above minimum wage?

Good question. The minimum wage law requires payment of $6.85 per hour. If an employee is currently paid $5.15, the employee is entitled to a $1.70 increase. If the employee is earning $6.00, the employee is entitled to an $.85 increase. If the employee is earning $7.25, the employee is not entitled to any increase at all.