New York City introduced the New York City Minimum Wage Act, proposing to gradually increase the minimum wage from $17 to $30 per hour by the end of the decade. Large employers with over 500 workers would reach $30 by 2030, while smaller businesses would have until 2032. The phased schedule shows large employers reaching $20 in 2027, $23 in 2028, $26 in 2029, and $30 in 2030. Supporters argue this reflects living costs in the city, where estimates show a single adult needs significantly more than $17 hourly for basic expenses. Research indicates approximately 1.68 million workers, or 36.7% of wage earners, would earn less than $30 by 2030 without policy changes, making this the highest minimum wage among major U.S. cities.
"The proposal, introduced this month, would gradually raise the city's minimum hourly wage from the current $17 to $30 an hour, creating the most ambitious wage floor ever attempted by a major U.S. city. Under the plan, large employers with more than 500 workers would reach the $30 threshold by 2030; smaller businesses would get until 2032 to comply."
"Supporters say the proposal reflects the harsh reality of living costs in New York. City Council findings note that a living wage in the metro area is already well above the current minimum wage, with estimates suggesting a single adult needs far more than $17 an hour to cover basic expenses like rent, transportation and food."
"Research from the Economic Policy Institute suggests the change could affect a huge share of the workforce. Without a policy shift, roughly 1.68 million workers-about 36.7% of the city's wage earners-are projected to make less than $30 an hour by 2030, meaning many would see pay increases under the proposal."
Read at Time Out New York
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