New York Minimum Wage Gets New Year Boost
A new year could bring a few more dollars to your bi-weekly paycheck. While most people already earn an hourly salary higher than the minimal requirements, something is better than nothing. And for some in the Capital Region - who are at the lower end of the hourly wage scale - the new year boost comes at a time when we all could use a little more bang for our buck. The hope is that it doesn't create too much of financial burden for the businesses that must pay the increase in wages.
According to CBS 6 News, the hourly minimum wage increase of .70 cents went into effect on New Year's Day and brought the wages up from $11.80 to $12.50 per hour.
It's been a tough battle for business owners in the Capital Region thanks in part to the toll the pandemic has created.
Tony Buchanan, the owner of Jimmy's Pizzeria in Troy told CBS 6 News, "Every dollar counts for these business owners, just like every dollar counts for the employee getting paid...but if the business goes under then those employees don’t have a job."
Minimum wage in the state of New York has gone up in each of the last 8 years and dating back to December of 2013, residents have seen their minimum go up an average of about 65 cents. It may not seem like much, but considering how many people are financially scratching and clawing their way through the pandemic, it does add up.
Back in 2013 the minimum wage was $7.25 an hour and it seems hard to believe that not so long ago, it was so very little.
50 Famous Brands That No Longer Exist