"The proposal, introduced this month, would gradually raise the city's minimum hourly wage from the current $17 to $30 an hour, creating the most ambitious wage floor ever attempted by a major U.S. city. Under the plan, large employers with more than 500 workers would reach the $30 threshold by 2030; smaller businesses would get until 2032 to comply."
"Supporters say the proposal reflects the harsh reality of living costs in New York. City Council findings note that a living wage in the metro area is already well above the current minimum wage, with estimates suggesting a single adult needs far more than $17 an hour to cover basic expenses like rent, transportation and food."
"Research from the Economic Policy Institute suggests the change could affect a huge share of the workforce. Without a policy shift, roughly 1.68 million workers-about 36.7% of the city's wage earners-are projected to make less than $30 an hour by 2030, meaning many would see pay increases under the proposal."
New York City introduced the New York City Minimum Wage Act, proposing to gradually increase the minimum wage from $17 to $30 per hour by the end of the decade. Large employers with over 500 workers would reach $30 by 2030, while smaller businesses would have until 2032. The phased schedule shows large employers reaching $20 in 2027, $23 in 2028, $26 in 2029, and $30 in 2030. Supporters argue this reflects living costs in the city, where estimates show a single adult needs significantly more than $17 hourly for basic expenses. Research indicates approximately 1.68 million workers, or 36.7% of wage earners, would earn less than $30 by 2030 without policy changes, making this the highest minimum wage among major U.S. cities.
Read at Time Out New York
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