Minimum Wage Hike Could Be Coming To New York

The battle against inflation in New York State could mean an increase in the state's minimum wage.

A new proposed bill in the New York State statehouse would tie the state's minimum wage to inflation, which means if inflation rises so would the state's minimum wage.

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Currently, the minimum wage for the state outside of New York City is $13.20 per hour, and is $15 per hour in New York City.

The proposed bill would tie the minimum wage to inflation numbers and an increase wouldn't need to be passed by the state legislature in order to be approved under the new proposed bill.

New York State started raising the minimum wage in 2012 when lawmakers approved a bill increasing the minimum wage in steps across the state. The minimum wage was increased in steps, with three different pay floors in three regions of the state.

Several other states across the country have already passed bills that tie the state's minimum wage to the inflation rates.

Not everyone is on board with the idea of tying minimum wages to the inflation rates. Many small businesses are already feeling the pressure after the COVID-19 pandemic to pay employees more so they have a workforce, and budgeting could really be affected in inflation rises higher than expected and the minimum wage increases unexpected.

The proposed bill is expected to be discussed and voted on coming up next January. The bill was proposed by two high-ranking democrats which could influence how the votes land as both the senate and house of representatives in the state have a democratic majority.