State lawmakers and Gov. Andrew M. Cuomo have reached a tentative agreement that will incrementally increase the minimum wage in New York to $9 an hour by 2016.
The minimum wage, currently $7.25 an hour, will increase to $8 an hour next year, $8.75 an hour in 2015 and $9 in 2016. As part of the wage hike, state businesses and residents will receive $700 million in tax breaks.
The agreement is part of negotiations over New York”™s 2014 budget, which must be approved by April 1, though lawmakers are hoping to approve a budget before Passover and Easter.
The state Assembly recently approved an increase to $9 an hour, with increases tied to inflation. In the Senate, the majority coalition composed of Republicans and independent Democrats had proposed increasing the minimum wage this year, and gradually increasing it over the next three years, though they had not specified by how much.
Republicans in the Senate were looking for $2 billion in tax breaks to offset an increase. Cuomo had proposed increasing minimum wage to $8.75 without automatic increases.
Yesterday, 400 businesses, including Irvington-based women”™s clothing retailer Eileen Fisher Inc. and Costco Wholesale Corp. issued a statement supporting an increase to $9 an hour.
The push for a minimum wage increase follows President Barack Obama”™s call for Congress to increase the federal minimum wage from $7.25 an hour to $9 an hour.
