Minimum Wage Massive Increase Proposal to $21.25 in New York State
New York State's minimum wage will likely see ANOTHER massive increase in the next few years. Lawmakers are looking at upping the minimum wage to jump significantly to $21.25.
In New York State, two legislative proposals call for tying the minimum wage to inflation. The Raise Up NY bill sponsored by Sen. Jessica Ramos (S3062D/A7503C) would require the minimum wage to progressively increase to $17.25 in 2024, $19.25 in 2025, and $21.25 in 2026", according to the New York Comptroller.
Here is the breakdown of minimum wage increases because the increases are different per region.
2024 New York City area: $17.25
2024 All of New York State cities: $16.00
2025 New York City area: $19.25
2025 All of New York State cities: $18.00
2026 New York City area: $21.25
2026 All of New York State cities: $20.00
2027 New York City area: $21.25
2027 All of New York State cities: $21.25
For reference, the minimum wage in New York State right now is $13.20.
How much money does one family need to survive? What is actually ENOUGH money? I found some interesting data that may be eye-opening, or at least interesting to you. According to the Economic Policy Institute:
For comparison, two adults working full time earning a minimum wage of $21.25 per hour would earn $88,400—significantly closer to the Family Budget Calculator’s threshold for these counties than under the current minimum wages ($54,912 at $13.20 an hour and $62,400 at $15 an hour), but still short of real economic security.