Bill Proposes Another Minimum Wage Increase for New York
There's a bill in the New York State Legislature that if passed would increase the minimum wage in New York to over $20 an hour by 2026.
Called the Raise the Wage Act, the bill would increase New York's $15 per hour minimum wage over the course of the next three years to match inflation.
Some opponents to the bill think that if the bill is passed, it would simply encourage people to remain at minimum wage. Other opponents point out that most salaried employees are not seeing wage increases to match inflation and there is a bitterness festering.
According to the Economic Policy Institute, if the Raise the Wage Act is approved, about three million New Yorkers would see a wage increase of more than $3,000 a year.
Those in favor of the Raise the Wage Act passing argue that not only would raising the minimum wage be beneficial in helping individuals with daily basic living expenses in the midst of economic problems but it could also help small businesses retain employees for a longer period of time because the hourly pay would be substantially more than it currently is.
New York's minimum wage has hovered around $15 an hour since 2019, but both labor advocates and legislators argue that it needs to increase because of current inflation issues. At this time, the Raise the Wage Act is in committee.