Bloomberg Tax
Jan. 10, 2023, 6:14 PM

New York Wants to Link Minimum Wage to Inflation, Hochul Says

Donna Borak
Bloomberg Industry Group

New York Governor Kathy Hochul is proposing automatic increases to the state’s $15-an-hour minimum wage to keep pace with inflation.

The monthly cost of goods and services for households has risen by 13.4% since October 2020, while the purchasing power of the $15 minimum wage has lost $1.78, making it tougher for low-income families to shop for groceries and fill up at the pump, according to the Democratic governor.

“Indexing our minimum wage to inflation will ensure that the purchasing power of workers’ wages aren’t eroded year over year,” Hochul said in her State of the State executive book released ...

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