The state's minimum wage is headed toward $15 per hour. But a group of business owners said it doesn't go far enough to ensure an appropriate wage for working people, and are pushing to tie the minimum wage to inflation.
Advocates of the federal Raise the Wage Act say gains made by minimum wage increases have been eroded by inflation. The bill calls for indexing the minimum wage – tying it to inflation rates and moving the minimum wage by a corresponding percentage annually. And, to make up for the years that didn't happen, it calls for increasing the minimum wage to $21.25 per hour.
At her State of the State Address in January, New York State Gov. Kathy Hochul announced her own plan to increase the minimum wage annually by tying it to the inflation rate.
"Our common sense 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," she said.
New York's minimum wage could increase annually under a proposal that is part of Gov. Kathy Hochul's State of the State agenda.
But others in the business...
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