New York Today: Economics, Businesses and Minimum Wage

When it comes to the escalation of minimum wage in New York, Ripley is a good case study to begin.  There, a gradual increase has been taking place since 2013 when it began at .  $7.25 per hour.  Today, that figure is up to $11.10.  It is due to reach $12.50 by next year.  For those working in the fast-food industry it is even higher, having already reached $12.75.

While wages in the hospitality industry in New York’s border counties are increasing, according to findings from the Federal Reserve Bank of New York, this did not impact general employment growth.

In addition, there were increases in hourly wages in the southern counties of New York, in particular for the lower earners.   According to the National Employment Law Project between 2014 and 2018 there was an average of 6.6 percent increase in sales annually.

Earlier this year The Bank of America increased its minimum hourly wage from $15 to $17. The plan is that this figure will further jump to $20 by the end of Q1 2020.