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Thursday 1 December 2022
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NY Lawmakers Pass $156 Billion Budget, Minimum Wage Increase

By Staff

 

cuomo - newNew York state lawmakers worked through the night Thursday to pass a new, $156 billion state budget by April 1, only to miss their deadline by several hours.

Legislators came to an agreement over issues like paid family leave, and middle class tax cuts early Friday morning, in addition to the governor’s proposed $15 per hour statewide minimum wage, which has New York City slated to receive the wage increase at the fastest rate, by 2018.

Suffolk, Nassau, and Westchester counties will receive the $15 per hour phase-in by 2020, while the rest of Upstate New York will reach $12.50 during the same time period. The upstate wage will gradually increase to $15, with the amounts of each increase based upon a state wage formula.

However, like many New York businesses that have continued to oppose the wage increase, the New York State Economic Development Council released the following statement, in part,on Friday:

“The agreement announced last night by Gov. Cuomo on raising the minimum wage is a bad deal for New Yorkers. It will increase the already high cost of doing business in New York, result in thousands of lost jobs, and make the state less competitive.

While the lower rate and longer phase-in period for upstate makes the agreement less bad, it still will be harmful to economic development. For the past six decades, New York State has raised taxes, and other mandated employer costs, and has imposed mountains of new regulatory burdens on businesses. These actions have led to the hollowing-out of the upstate economy.

A state mandated minimum wage increase will likely act as an accelerant for future job and population losses.”

Senate Republicans had largely been opposed to the wage increase, but had come to an agreement over changes in the bill on Friday.

“Many of us hate, not dislike, hate many other things that are in the budget that we believe very strongly will hurt the economy,” Sen. John DeFrancisco, R-Syracuse, stated. “We all have to weigh whether the good outweighs the bad.

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