Sixty percent of the people scheduled to benefit from next week's minimum wage increase are women, 40 percent are people of color, and nearly 90 percent are adults, according to a new analysis, which pegs the collective impact of the wage increase at $410 million.

At $12.75 an hour, up from $12, the Massachusetts minimum wage on Jan. 1, 2020 will trail the wage floors in California ($13) and Washington ($13.50), the Massachusetts Budget and Policy Center reported.

The wage hike will affect 420,600 workers, including many who are employed in the food service and retail sectors. Under current law, the minimum wage in Massachusetts will also rise by 75-cent increments on New Year's Day in 2021, 2022, and 2023, when it is scheduled to reach $15 an hour.

The center's analysis concluded that 44 percent of workers who will benefit from the wage increase are between 16 and 24 years old; 19 percent are working parents; and 79 percent have attained at least a high school education.

"This planned increase in the minimum wage will make it easier for our lowest paid workers to make ends meet," MassBudget President Marie-Frances Rivera said. "Though, more still needs to be done to ensure that in a high cost state like ours, we can achieve a truly inclusive economy that works for everyone."