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.
"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.