ALBANY – A report from the state labor department says that $1.8 billion would be reinvested into the economy of the Hudson Valley if the minimum wage is increased to $15 per hour.
According to state analysis of census data, there are 91,665 people earning the current $9 minimum wage and 281,104 people would earn the $15 per hour wage if enacted.
If you work full time, you shouldn’t have to live in poverty – which is why it’s time for New York to lead the way and pass a $5 minimum wage,” said Governor Andrew Cuomo. The report shows hiking the minimum wage will “provide new opportunity and restore economic justice to millions of New Yorkers.”
Under the plan, the wage would increase gradually in seven increments, reaching the $15 mark in July 2021.
Orange County Chamber of Commerce President Lynn Cione said the issue among employers has never been that they don’t want their workers to earn a living wage.
“This proposal is troubling because when you think of increases – this is going out very far – and it’s not just an increase in the dollar amount of the salaries,” Cione said. “There are also ancillary costs attached to it such as payroll taxes, FICA, workers compensation, so it’s not just the increase.”
There is also the concern among business owners that a large wage hike could result in fewer employees or higher retail prices to cover the additional costs.
A labor department analysis, though, found that New York increased its minimum wage eight times from 1991 through 2015 and six of those times, the data shows an employment uptick following an increase in the state’s minimum wage.
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