Yearly Inflation-Based Raises Confirmed For Many New York State Workers

Gov. Hochul confirmed inflation-bases raises will come each year for many workers in New York State.

On Tuesday, New York Gov. Kathy Hochul delivered her first state of the state address since being elected as New York's first female governor.

Hochul announced plans to keep New Yorkers say, improve bail reform, affordable housing, income taxes and much more.

Hochul Confires Inflation-Based Raises

Among her goals for 2023 is to increase the minimum wage each year based on inflation.

"To tackle the affordability crisis head-on, we must recognize that low-wage workers have been hit hardest by inflation," Hochul said. "Under my minimum wage proposal, when costs go up, so will wages."

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This proposal would benefit nearly 900,000 minimum-wage workers across the Empire State, according to Hochul.

"Economic research shows that raising the minimum wage can lead to reductions in poverty, reduced social assistance spending, stimulative spending, improved worker productivity, and other benefits," Hochul's office states.

Nearly 1 Million New York State Workers To Receive Yearly Wage

New York State minimum wage will increase each year at a rate determined by the Consumer Price Index for Wage Earners for the Northeast Region, under the proposal. Hochul's office says the Consumer Price Index for Wage Earners for the Northeast Region is "the best regional measure of inflation."

"Our commonsense plan to peg the minimum wage to inflation will not only put more money into the pockets of hundreds of thousands of hardworking New Yorkers, it will also provide predictability for employers and spur more spending in local economies and businesses," Hochul added.

At the end of 2022, Hochul increased New York State's minimum wage to $14.20 per outside for all of the state outside of New York City, Long Island, and Westchester.

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"By investing in our workforce, we are investing in the future of New York State. Governor Hochul has already accomplished so much since taking office, and she continues to keep her eye on the big picture. The Governor's continued commitment to workforce development ensures that no New Yorker will be left behind in the economy of tomorrow," New York State Department of Labor Commissioner Roberta Reardon said