With the change of seasons upon us, comes big news in terms of money.
It was reported that California became the first state to approve a raise in minimum wage to $15. The State Senate passed the bill on Thursday afternoon. Just hours after the bill was announced in California, New York State Governor Cuomo announced a plan for the minimum wage in New York City to rise to $15 by the end of 2018.
In California, the new bill “will raise the state's minimum wage to $10.50 in January and to $11 in January 2018. It will then increase by an additional $1 per hour every year until it reaches $15 in 2022. If, however, the state goes through an economic downturn or budget crisis, the governor may choose to slow the implementation.”
Many have criticized the new bill claiming that it will force employers into an economic bind that will inevitably cause people to lose their jobs and businesses to close.
However, based on the average cost of living in the state, the current $10 minimum wage is not enough for someone working full time to support their families.
Gov. Cuomo whole heartedly agreed and implemented the wage raise in a new budget deal for the state. Although the bill still has to be approved, Cuomo believes that it will be “responsible and good for the overall economy.”
As opposed to stretching an incremental raise over the course of six years, New York’s plan will raise the wages in the city over a three-year period, while the rest of the state will see changes over a five to six-year period.
New York State currently requires workers in major fast food chains to receive a $15 minimum wage.
Well it’s about time the minimum wage got raised so that people working a 40-hour work week are not also forced to live in poverty.
Hopefully, many other states follow the actions of California and New York.
(Photo: JGI/Jamie Grill/Blend Images/Corbis)