""I think this is a worthwhile investment in the future so that we are protecting the workforce and people can live with the dignity they deserve" when they retire, said state Sen. Jessica Ramos, a Queens Democrat."
""This is going to drive up property taxes in the suburbs and it's going to be a major hit to Mayor Mamdani's budget," said Ken Girardin, a fellow at the fiscal policy organization."
Labor unions aim to improve retirement benefits for recently hired public workers, proposing changes to the Tier VI pension law. This initiative would cost taxpayers around $1.5 billion annually, with New York state facing an additional $242 million in pension costs. New York City's pension expenses would increase by $328 million, while school districts and local governments would also incur significant costs. Supporters argue that the changes are necessary to retain public-sector workers, while opponents express concerns about the financial implications and question the link between pensions and workforce shortages.
Read at Gothamist
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