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Let’s talk wages in New York City

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What is the minimum wage in New York City?

New York City is a large city in the state of New York with a population of over 8.8 million people. The city has a diverse economy, with a strong focus on finance, tech, and media.

The minimum wage in New York City is currently $15.00 per hour. This is higher than the minimum wage in New York State, which is $13.20 per hour. The minimum wage in New York City is also higher than the federal minimum wage, which is $7.25 per hour.

The city of New York is committed to raising the minimum wage to $15.85 per hour by 2023. This will help to ensure that all workers in New York City can earn a living wage.

Positive Impacts

Increased spending: When low-wage workers earn more money, they spend more money. This can boost the economy by increasing demand for goods and services.

Reduced poverty: The minimum wage can help to reduce poverty by lifting low-wage workers out of poverty.

Increased economic security: The minimum wage can help to increase economic security for low-wage workers by giving them a safety net in case of unexpected expenses.

Negative Impacts

Job losses: Some businesses may lay off workers in response to an increase in the minimum wage. This is because the higher wage will increase their costs, which may make it difficult for them to stay in business.

Reduced hours: Some businesses may reduce the hours of their workers in response to an increase in the minimum wage. This is because they may not be able to afford to pay their workers the higher wage for the same number of hours.

Increased prices: Some businesses may raise their prices in response to an increase in the minimum wage. This is because they may need to pass on the higher costs to their customers.

Overall Impact

The overall impact of the minimum wage on the New York City economy is mixed. There are both positive and negative impacts. The positive impacts include increased spending, reduced poverty, and increased economic security. The negative impacts include job losses, reduced hours, and increased prices.

The net impact of the minimum wage on the New York City economy is difficult to predict. It will depend on a number of factors, including the size of the increase in the minimum wage, the response of businesses, and the overall state of the economy.

Conclusion

The minimum wage is an important issue in New York City. The city is committed to raising the minimum wage to $15.85 per hour by 2023. This will help to ensure that all workers in New York City can earn a living wage. However, there are also some potential negative impacts of raising the minimum wage, such as job losses and reduced hours. The net impact of raising the minimum wage on the New York City economy is difficult to predict.

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What is the average wage in New York City?

The average wage in New York City is also high. The median household income in New York City is $117,000 per year. This means that half of all households in New York City earn more than $117,000 per year, and half earn less.

The high average wage in New York City is due to the fact that the city is home to a number of high-paying jobs in the tech, finance, and healthcare sectors. However, there are also a number of low-paying jobs in the city, such as retail and food service.

The high cost of living in New York City can make it difficult for low-wage workers to make ends meet. However, the city's commitment to raising the minimum wage is a step in the right direction.

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What is the living wage in New York City?

Wages aren’t everything!

While pay is one of the main factors that hourly employees consider when choosing to join (or stay at) a company, it’s not the end all be all. Research shows that advancement opportunities, supportive management, and schedule flexibility are all incredibly important as well.

Want to learn more about this trend? We dive deep into the data behind which perks and benefits matter most to hourly workers. Check out our full conversation with expert Sara Wasserteil of Cara Collective.

Frequently asked questions

What is the difference between gross wages and net wages?

It's important to remember that the Hourly Wage Index data above reflects gross wages, or the amount of money an employee earns before accounting for payroll deductions like taxes, benefits, or wage garnishments. Due to variability in tax rates across locations, slightly lower gross wages in a certain location might result in higher take home pay, or vice versa.

What is a good hourly wage?

This question is a difficult one to answer, as a "good hourly wage" is highly subjective according to experience, work responsibilities, cost of living, and other factors. We recommend using Hourly Wage Index data as a starting point. Once you have established a baseline for certain positions, do further research into similar businesses in your area.

Lastly, consider surveying your employees. They're the best resource to help you know what is a good hourly wage, what competitive pay looks like in your location, and how competitive wages change in your industry over time.

Offering competitive pay is one of my top priorities—what other resources do you have that might help?

We know that getting applicants to pay attention to your business can be extremely challenging, and that offering competitive pay is a huge part of that. Wages aren’t everything, however! Applicant experience is another important factor that can help set you apart from your competition. A few examples include:

  • Short, easy to understand job descriptions
  • Mobile-friendliness
  • Quick communication
  • Streamlined interview stages
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