As business owners and executives, we support raising New York City’s minimum wage, which is not enough for New Yorkers to live on.

Workers are also customers. Raising the minimum wage puts money in the pockets of people who most need to spend it, boosting businesses and our local economy.

Fair pay is good business. Low pay leads to high employee turnover. Raising the minimum wage pays off in lower turnover, lower hiring and training costs, increased productivity and better customer service, which keeps customers coming back.

We support legislation to gradually raise NYC’s minimum wage: The minimum wage for employers with 500 or fewer employees would increase to $19 in 2027, $21.50 in 2028, $24 in 2029, $27 in 2030 and $29 in 2031. Large businesses with more than 500 employees would increase to $20 in 2027, $23 in 2028, $26 in 2029 and $30 in 2030. In future years, minimum wage would be adjusted to keep pace with the cost of living.