ALBANY, N.Y. (NEWS10) — Despite already taking actions towards increasing the minimum wage in New York, Governor Kathy Hochul says there are more steps New York can take to tackle the affordability crisis head-on.
“The average monthly cost of goods and energy for low-income households has jumped by more than 13% in just two years,” said Hochul. “That pushes families to the breaking point, so as a matter of fairness and social justice, I am proposing a plan to peg the minimum wage to inflation.”
Hochul’s proposition would mean that if costs rise due to inflation, the minimum wage will also increase. To help employers with making adjustments, Hochul says they will put guardrails in place to make increases predictable and create flexibility in the event of a recession.