New York State to Receive Another $1.5Bln Annually When Minimum Wage Rises

New York Governor Andrew Cuomo stated that the US state of New York economy will see an additional $1.5 billion annually if local government passes a proposal to raise the minimum wage.

WASHINGTON (Sputnik) — The US state of New York economy will see an additional $1.5 billion annually if local government passes a proposal to raise the minimum wage to $10.50 per hour, according to a New York Governor Andrew Cuomo press statement on Tuesday.

“The New York State Department of Labor projects that the proposed increase in the minimum wage outside New York City will generate $1.5 billion annually in increased wages — tallying a significant boost for the state economy,” the statement said.

Governor Cuomo started his Fight for Fair Pay campaign on Tuesday in the town of Buffalo. As part of the campaign, Cuomo intends to rally support to pass a proposal that will raise the minimum wage to $10.50 statewide and to $11.50 in New York City.

"As our local businesses continue to grow, it’s time to provide additional support for our low-wage workers to keep New York moving forward,” Cuomo said in the statement.

At present, there are 42,000 workers in Western New York making the state’s minimum wage of $8.75 per hour, according to the New York State Department of Labor. Additional 99,000 workers in Western New York would be affected by increasing the minimum wage to $10.50 per hour, the statement said.

In December 2014, New York State’s private sector job count reached 7.6 million, and the statewide unemployment rate declined from to 5.8%, reaching its lowest level since September 2008, according to the New York State Department of Labor.