Gov. Andrew Cuomo says the minimum wage increase now under discussion with the legislature will include a pause after three years, to reassess the health of the state’s economy.
Under the latest plan, the $15 an hour minimum wage would be fully phased in over three years. The timetable for Long Island and upstate would lag behind that. Cuomo says after the first three years, there would be a pause to analyze the effects of the wage hike on the economies of those regions.
“If the economy slows, a national downturn, you have a safety mechanism for the minimum wage increase,” Cuomo said. “Which is the perfect design.”
But the legislature still has not finalized the minimum wage deal.
Cuomo says there are also discussions to add $1 billion worth of income tax reductions for New Yorkers earning under $300,000 a year.
