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ST. PAUL, Minn. - Gov. Mark Dayton says he will sign the state's new minimum wage bill into law on Monday in a public ceremony.

Dayton's office announced on Sunday that the public is invited to watch the bill be signed in the Minnesota State Capitol Rotunda. The ceremony will be held at 2:30 p.m.

The new law increases the minimum pay to $9.50 per hour and indexes it to inflation in the future.

More than 300,000 Minnesotans will see a wage increase under the new law, which will generate about $472 million in new wages, according to economists.

The wage bumps will happen in three stages starting this August. The full hike will be put into place by August, 2016.

Monday's ceremony is free and open to everyone.

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