New York’s minimum wage may be adjusted annually for inflation.
New York Governor Kathy Hochul has proposed an annual minimum wage increase to aid those who are having trouble keeping up with the state’s high cost of living. The proposal will be presented as part of the 2023 State of the State address.
Low-wage employees in New York have been struck hardest by rising living costs, therefore addressing the affordability challenge head-on requires acknowledging this fact “According to Governor Hochul.
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Aside from helping hundreds of thousands of hardworking New Yorkers, our plan to index the state’s minimum wage to inflation will give businesses stability and encourage more consumer spending.”‘
The plan asks for the New York minimum wage to rise each year by the same amount as the Consumer Price Index for Wage Earners in the Northeast. Hundreds of thousands of people in the state’s labor force stand to gain from this.
Annual raises would be capped to prevent anyone rises from jeopardizing a person’s job security.
Read more:Â New Jersey Residents Will See a Rise in Their Supplemental Nutrition Assistance Program (Snap) Benefits.
For comparison, the minimum wage in 17 other states is already indexed to inflation or some other economic formula, and New York would soon join them. Currently, the minimum wage in three states is $15 or above.
New Yorkers who are struggling to make ends meet will benefit greatly from the proposed minimum wage increase. What about the business owners who are also having a hard time? How can they sustain yearly wage increases?
