New York State Set To Make Major Change To Minimum Wage
The amount of a state's minimum wage can sometimes be controversial, especially when a state raises it higher than what many other states are willing to do.
New York State has fallen into that category many times as it boasts one of the highest minimum wages in the entire county, which is also more than double the Federal Minimum Wage and the wage in 20 different States according to the Economic Policy Institute.
According to a tweet from New York State Governor Kathy Hochul, state officials are now looking into making another change to the wage in the Empire State that is intended to help people better keep up with rising costs.
As it stands today, the State Legislature votes every few years on whether to change the minimum wage and what that wage should be. If the proposal that the Governor has issued goes into effect, future changes to the minimum wage will be automatically tied to inflation.
The new proposal, which is currently being debated in both the New York State Senate and New York State Assembly, would ensure that the minimum wage would increase on a yearly basis based on the Federal Consumer Price Index (CPI) as calculated for wage earners in the Northeastern United States.
If we really want to tackle the affordability crisis head-on, we must recognize that low-wage workers in New York have been hit hardest by the increases in costs of living... Our commonsense plan to peg the minimum wage to inflation will not only put more money into the pockets of hundreds of thousands of hardworking New Yorkers, it will also provide predictability for employers and spur more spending in local economies and businesses.
-Kathy Hochul, Governor of New York State