It's no secret that the cost of living is at an all-time high and the pandemic certainly hasn't helped matters when it comes to financial stability for not just people, but businesses as well.

You have probably heard about the New York State minimum wage increasing. It was a phase that was started back in 2016 but re-evaluated every year. There will be another increase in the state minimum wage.

The minimum wage in New York State will increase from $12.50 an hour to $13.20 an hour by December 31st, 2021.

That is most of the state. Long Island and Westchester counties will increase to $15 an hour by December 31st of 2021.

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The determination was made by the New York State Division of Budget and the Department of Labor, which reviews a potential increase annually. A report from the Division of Budget found that low-wage workers were the ones most impacted by the effects of the pandemic.

New York City large employers (11 or more) increased the minimum wage to $15 an hour by the end of 2018, while New York City small employers increased it to $15 an hour by the end of 2019. The cost of living in New York City and the tri-state area is a higher cost of living, so the rest of the state is set on a different schedule for minimum wage increases.

There's been much debate over whether or not $15 an hour is too much, but many agree with the wage increases. What are your thoughts?

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