Minimum wage raise would lead to higher prices and fewer jobs; says Business groups

Minimum wage raise would lead to higher prices and fewer jobs; says Business groups

US Dollar BanknoteAnother study says raising New York state’s minimum wage to $15 an hour would increment pay for a large number of laborers by an aggregate of $15 billion and have the best effect on ladies and minorities in the workforce. But not all are happy with the new resolution. Business groups say a higher minimum wage would be destroying and lead to higher costs and less employments.

The report from the union-sponsored Economic Policy Institute says a $15 least would directly advantage 2.4 million laborers. Of those, seventy five percent are over age 25 and marginally more than half are ladies or minorities. Gov. Andrew Cuomo has proposed step by step expanding the base from its present level of $9 to $15 by 2021. It’s required to be a top issue confronting administrators when they start the 2016 session this week

Officials say that at least 50,000 city employees in New York City would make $15 an hour by the end of next year. Andrew Cuomo said he was planning to increase the minimum wage to $15 in a step by step manner for many state university workers. He then asked all the lawmakers to follow this pattern and raise the minimum wage.

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