Contact: Cat Ulrich
email@example.com, (202) 630-7839
April 28, 2022—Today, New York business leaders joined Senate Labor Committee Chair Jessica Ramos, Assembly Labor Committee Chair Latoya Joyner, and community leaders in support of legislation to raise and index New York’s minimum wage so that it keeps up with the cost of living. New York business leaders say the newly amended bill, if passed, would boost consumer buying power, strengthen the workforce, and build a more resilient economy.
“As a longtime New York business owner, I strongly support this effort to raise and index New York’s minimum wage so it rewards work and keeps up with the cost of living rather than falling behind,” said David Bolotsky, founder and CEO of Uncommon Goods in Brooklyn. “This is important for workers and businesses. Raising the minimum wage will boost consumer spending and indexing it will give businesses more predictable, incremental increases to plan around in future years. By paying wages that our workers can live on, we experience lower turnover, and see higher productivity and customer satisfaction, which helps us grow and innovate.”
“Since the start of the pandemic, &pizza has opened about 25 new locations and we are planning to open many more – including new shops in New York,” said Michael Lastoria, founder and CEO of &pizza. “We are succeeding in a very competitive industry because we realize that our most valuable stakeholders are employees. Low pay was the number one reason people quit their jobs, according to a recent Pew Research poll. Higher wages are the single clearest way to say to our workforce, ‘We value you.’ Raising and indexing the minimum wage is an essential way for lawmakers to say to New Yorkers, ‘We value you.’”
“Amalgamated Bank supports legislation to raise New York’s minimum wage annually to keep up with the rising cost of living and increased worker productivity,” said Maura Keaney, First Vice President of Commercial Banking for Amalgamated Bank. “Increasing the minimum wage is an essential economic tool to build a thriving and resilient economy because fair wages address the economic inequality faced by many working people. This is especially the case in the financial services industry which often pays low-wages despite the popular assumption that it is a universally high-paid industry. This legislation will help New Yorkers become more financially secure and help New York bounce back stronger and more resilient in the wake of the COVID-19 pandemic.”
In 2016, New York State enacted minimum wage increases to $15 on different timetables for upstate, Long Island/Westchester, and New York City, but did not include future cost of living adjustments after reaching $15. The amended legislation introduced by Sen. Ramos and Assemblywoman Joyner would fix this by adjusting minimum wage annually to keep up with the rising cost of living and worker productivity so that the minimum wage does not lose value. Regional increases under the bill include:
- Upstate New York: The minimum wage would increase from $13.20 to $14.20 on Jan. 1, 2023, with future increases to reach $15.75 in 2025, followed by annual indexing.
- Long Island and Westchester: The minimum wage would increase from $15 to $16 on Jan. 1, 2023, with future increases to reach $17.95 in 2025, followed by annual indexing.
- New York City: The minimum wage in New York City, which has lost significant buying power since taking the final step to $15 in 2019, would increase to $17 on Jan. 1, 2023, with future increases to reach $20.45 in 2025, followed by annual indexing.
Multiple states and municipalities already have annual minimum wage adjustments. For example, Washington, D.C. will go to $16.10 this summer and continue to increase annually. Washington State will go above $15 on Jan. 1, 2023 because of annual indexing; Seattle is already higher at $17.27 an hour. Connecticut will reach $15 statewide on June 1, 2023 and will increase again when annual indexing begins on Jan. 1, 2024.
To speak with David Bolotsky, Maura Keaney, Michael Lastoria or other business leaders supportive of raising the minimum wage in New York, please contact Cat Ulrich at firstname.lastname@example.org or (202) 630-7839.