What you should know about NY minimum wage increase on December 31

What you should know about NY minimum wage increase on Dec. 31

NYC's minimum wage increase may lead to a business exodus

By Jan. 1, New York City will officially hike the minimum hourly wage from $13 to $15 for businesses with 11 or more employees, compared with a statewide increase of 25 cents in New Jersey to account for inflation.

"Fifteen dollars an hour has become the new minimum wage, meaning that that's to afford the basics", he said. "But more needs to be done so all Minnesotans can earn their way to economic security".

Policy Matters Ohio, a liberal think tank based in Cleveland, calculates that the new minimum wage will be worth about 72 percent of what the federal minimum wage was worth in 1968.

They get a pay hike. In today's dollars, the 1968 wage would be worth $11.83. The highest minimum wage in the land will be $16.09 for hospitality and transportation employees in SeaTac, Washington (a city that grew up around the Seattle-Tacoma International Airport). Missouri's minimum wage is rising.

The hourly minimum wage for tipped employees will be $4.55 per hour effective January 1, 2019, half the minimum wage for non-tipped employees.

In Arkansas and Missouri, voters this fall approved ballot initiatives raising the minimum wage after state legislators did not. Few are there yet, but many states have ratcheted up wages through phased-in laws and adjustments for inflation.

In October, however, those same researchers reached a contrasting conclusion.

Both supporters and opponents of higher minimum wages have pointed to the Seattle studies. This will complete the three-year phase-in of the $15 minimum wage, which was agreed to by Gov. Andrew Cuomo and state lawmakers in 2016. Since then, 29 states, the District of Columbia and dozens of other cities and counties have set minimum wages above the federal floor.

The $15 minimum wage will be in effect for New York City fast-food workers, too.

The state's minimum wage is $8.46 an hour as of Tuesday, up from $8.25 an hour in 2018, according to the Florida Department of Economic Opportunity. "But it's motivated many of them to accept that we need higher minimum wages than we now have in much of the country".

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