Statewide minimum wage hike starts today

01 January, 2018, 01:28 | Author: Lester Mason
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The average FTSE 100 cmpany chief has seen an 11 percent rise in median total pay in just 2015-2016, and now earns £4.35 million per year - compared to £1.23 million when the national minimum wage was first introduced - that's an increase of 354 percent. Of the 13 states that raised their minimum wage in 2014, 12 saw employment growth.[4] When employees believe they are being adequately compensated for their hard work, businesses see better productivity and decreased turnover. This marks the second increase toward a statewide $15 minimum wage.

Assemblyman Andy Goodell, R-Jamestown, said many economic studies have been done that show there will be a loss of entry-level jobs as the wages in NY state increase. And that is the same rate for smaller companies with annual gross receipts of $305,000 or less per year, after January 1, 2018. Then, the wage will increase according to a formula.

Goodell said he is most concerned about the loss of entry-level jobs. Cathy Young, R-Olean, and Goodell for making sure the increase to $15 is phased in over the next few years. Lawmakers later changed the law to only require employers to make up the difference when tips don't exceed the minimum wage.

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Wendy Block is a spokeswoman with the Michigan Chamber of Commerce.

"We see the $12 an hour as being a pathway to economic justice", says Farris. Fast-food employees in the rest of the state will get a $1 raise, from $10.75 to $11.75 an hour. "Running a business and keeping people employed in and of itself is challenging, additional costs and mandates from New York State make it even more hard". There is no cost to employers.

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