Could minimum wage in New York state be raised to $21.25 an hour?

Backers of a recent bill point to the COVID pandemic, Russia's invasion of Ukraine, and the nation's highest inflation in 40 years as reasons for the increase. However, some small business owners say the hike could have huge negative effects on their industry.

The federal minimum wage of $7.25 has not changed since 2009, though a number of states and localities in the country increased their minimum wages for hourly workers after January 1, 2022, according to Paycor. According to the Post Standard, the current minimum wage for workers in New York City is $15, while the rest of the state is at $14.20.

Wage Set to Over $20 An Hour in New York? 

The Post Standard says that a new bill in New York would again increase  the state’s minimum wage to $21.25 by 2026, and then adjust it each year going forward for inflation. Those who support the hike are hoping to pass the increase as part of the state budget, which is expected to be finalized in early April.

See Also: What is New York State's Wealthiest County Outside of NYC/LI?

Best and Worst Small Towns in New York to Start a Business

WalletHub has compared the markets in 1,300 smaller towns (cities with populations between 25,000 to 100,000) across the country and offered some interesting data. How difficult can it be to start your own business in certain Hudson Valley and New York state towns?

The state's economy, outside New York City, has had its uncertainties even before COVID. Now, the data has been analyzed and it brings some interesting figures up.


Poughkeepsie and Newburgh Ranked Fairly High 

The three major keys measured by this study were business environment, access to resources, and business costs. Poughkeepsie actually ranks the highest out of all smaller New York towns that were surveyed, coming in at #322. Newburgh was #372. 

Other Hudson Valley Towns and Where They Rank

  • 774. White Plains
  • 811. New Rochelle
  • 1026.Ossining
  • 1028. Harrison
  • 1036. Mount Vernon
  • 1056. Middletown
  • 1066. Port Chester
  • 1078. Spring Valley
  • 1249. New City

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

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