For Release — March 5, 2013
The Assembly Passage of Minimum Wage Increase is a Step in the Wrong Direction
ALBANY— "We need to improve New York's economy and create good-paying private sector jobs. Raising the minimum wage will not do that.
The bill passed by the Assembly tonight would add an additional direct cost of nearly $4000 for each full-time minimum wage employee, plus indirect costs caused by 'wage compression,' as wages are adjusted for higher earning employees.
When crafting this legislation the bill sponsors should have sought substantial input from those that would be impacted by this legislation, and given due consideration to the affect it would have on small businesses or how it could adversely affect their employees.
Raising the minimum wage will impact retailers, tourism, small businesses, farms and not-for-profits and reduce job opportunities. To meet these costs, employers will have to eliminate jobs or reduce workers' hours, raise prices, defer investments or reduce profits - none of which promotes economic growth."
Heather Briccetti, president and CEO of The Business Council of New York State, Inc.