"New York's latest 50-cent hike is the third straight annual increase under a long-term plan agreed to by Gov. Kathy Hochul and state lawmakers. This year, on Jan. 1, 2025, the minimum wage went up from $16 to $16.50 in New York, Westchester and Long Island and from $15 to $15.50 elsewhere in New York state. Supporters say the stepwise increases are essential to keep wages in line with living costs in one of the nation's most expensive regions."
""Higher minimum wages tend to help older, more experienced workers supplement income," said Dean Lyulkin, CEO of small-business lender Cardiff. But he added that "for younger workers, the real challenge is not pay - it's access." Lyulkin noted that when entry-level labor becomes more expensive, opportunities to hire and train inexperienced workers shrink, making it harder for them to get a foothold in the job market."
New York's minimum wage increases to $17 hourly in New York City, Westchester and Long Island and to $16 hourly elsewhere in the state on Jan. 1. Eighteen states nationwide will also raise their minimum wages, ranging from $10.85 in Montana to $17.13 in Washington. The rise reflects a scheduled series of annual 50-cent adjustments under a multiyear plan. Stepwise increases aim to align wages with high regional living costs. Rising labor costs are squeezing many small and mid-sized businesses, especially in hospitality, retail and construction, forcing businesses to consider reduced staffing, slower hiring, higher prices or automation. Entry-level hiring and training opportunities are shrinking.
Read at Newsmax
Unable to calculate read time
Collection
[
|
...
]