Raising New York’s Minimum Wage: The Economic Benefits and Demographic Impact of Increasing New York’s Minimum Wage to $8.75 per Hour

January 28, 2013. A minimum wage increase included in Governor Cuomo’s budget proposal, released last Tuesday, would raise the paychecks of over 1.5 million low-paid New Yorkers, according to a new report from the Fiscal Policy Institute and the National Employment Law Project. The Governor’s proposal would raise the state’s minimum wage from $7.25 to $8.75 per hour on July 1, 2013, and the increased wages would generate more than $1 billion in new consumer spending, supporting the creation of 7,300 new full-time jobs across the state as businesses expand to meet increased demand. The report also notes that, if after increasing to $8.75, the minimum wage were phased-up to $10 per hour, the economic stimulus effects and job creation impact would improve significantly.  Press Release>>