Every employer shall, beginning the January 1 next following the date of the approval of this amendment by the people pursuant to Article IX of the Constitution, pay each employee subject to the "New Jersey State Wage and Hour Law," P.L.1966, c.113 (C.34:11-56a et seq.), or a successor State statute, a wage rate of not less than the rate required by that act, or $8.25 per hour, whichever is more. On the September 30 next following the date of the approval of this amendment, and on September 30 of each subsequent year, the State minimum wage rate shall be increased, effective the following January 1, by any increase during the one year prior to that September 30 in the consumer price index for all urban wage earners and clerical workers (CPI-W) as calculated by the federal government. If, at any time, the federal minimum hourly wage rate set by section 6 of the federal "Fair Labor Standards Act of 1938" (29 U.S.C. s.206), or a successor federal law, is raised to a level higher than the State minimum wage rate, then the State minimum wage rate shall be increased to the level of the federal minimum wage rate and all subsequent increases based on increases in the CPI-W pursuant to this paragraph shall be applied to the State minimum wage rate as increased to match the federal minimum wage rate. This paragraph shall not be construed as altering or amending any provision of the "New Jersey State Wage and Hour Law," P.L.1966, c.113 (C.34:11-56a et seq.) or a successor State statute, other than the hourly rate set by that act, or prohibiting the Legislature from amending that act.