Amends GS 95-25.3 to raise the state minimum wage to $12.00 per hour for large employers (defined by a gross volume of sales made or business done equalling or exceeding $500,000, excluding excise taxes at the retail level), and to $9.00 per hour for small employers (defined by a gross volume of sales made or business done of less than $500,000, excluding excise tax at the retail level), effective January 1, 2020. Annually increases the minimum wage from the amount stated above on January 1 of each year, beginning in 2021, by the increase in the cost of living, as measured by the percentage increase of the Consumer Price Index or its successor index, as calculated by the US Department of Labor. Directs the Commissioner to calculate the indexed minimum wage rate to the nearest cent. Effective January 1, 2020.