BOSTON -- Gov. Charlie Baker plans to sign a bill on Thursday that will reshape Massachusetts' workplaces, raising the minimum wage to $15 an hour and instituting a paid family leave program.

The new law was the result of a "grand bargain" that lawmakers reached last week in order to keep three questions off the November 2018 ballot. The questions would have raised the minimum wage, instituted paid leave and also lowered the state sales tax.

The compromise bill passed by the Legislature does not lower the sales tax. But it does create a permanent sales tax holiday on one weekend each year. It also gradually eliminates time-and-a-half pay on Sundays and holidays, which business owners have long been advocating for.

The bill will raise the minimum wage gradually until it hits $15 an hour in 2023. It also gradually raises the minimum wage for tipped workers.

It will create a new paid family and medical leave program, paid for by a payroll tax levied on employers and employees.

Baker had been pushing lawmakers to reach some sort of compromise, and has sounded positive about the bargain. But he did not commit to signing the bill until Wednesday evening. Baker will hold a signing ceremony at 10:30 a.m. Thursday in his Statehouse office.

The groups pushing all three ballot questions have said they will not go forward with the ballot questions as long as Baker signs the compromise bill into law.

The Massachusetts Budget and Policy Center estimates 840,000 workers will see their wages rise by 2023 due to the wage increase.

Holly Sklar, CEO of Business for a Fair Minimum Wage, a group of businesses that advocated in favor of the minimum wage increase, called the boost to a $15 an hour wage a "win-win" for businesses.

"Minimum wage increases will boost the consumer buying power that businesses depend on to thrive and create jobs," Sklar said in a statement. "And with wages workers can live on, businesses will see lower employee turnover, increased productivity and happier customers."