MYTH: There would be few benefits to a $15 minimum wage.
FACT: The benefits of gradually phasing in a $15 minimum wage for New York’s workers would be far-reaching, according to analysis by the Economic Policy Institute.[i]
- 1 million workers – about 36% of all workers in the state – would receive raises. 1.4 million would be in New York City, and 1.7 million elsewhere in the state.
- The typical worker would receive roughly a $4,800 per year raise – going a long way towards rebalancing wages in the state.
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[i] David Cooper, “Raising the New York state minimum wage to $15 by July 2021 would lift wages for 3.1 million workers,” EPI Briefing Paper No. 416, January 4, 2016.