New York State raised the state’s minimum wage last year, from $7.25 to $8 per hour, with a second increase to $9 per hour in 2016.
Last Monday, Assembly Speaker Sheldon Silver said that the Assembly will approve a bill that accelerates the next increase by one year, and that makes future minimum wage increases automatic by tying them to the rate of inflation.
We continue to believe that increasing the minimum wage adversely impacts businesses, especially small businesses, by driving up the cost of the products and services they provide. While a minimum wage increase may help some low wage workers, on the whole it will undermine the state’s job creation efforts.
We haven’t seen the Speaker’s proposal yet, but based on his description it looks like we will be working against it in the upcoming legislative session.