BALCONY Supports Higher New York State $10 Minimum Wage Proposal of Fiscal Policy Institute

NEW YORK, NY (01/30/2012)(readMedia)-- The Business and Labor Coalition of New York, BALCONY, today (Monday) announced its support for a phased-in $10 an hour minimum wage for New York State workers as proposed by the Fiscal Policy Institute (FPI) in a report released today: The Case for Raising the Minimum Wage.

"New York State needs a minimum wage that helps families who are struggling to make ends meet," stated Alan Lubin and Robert hayes, BALCONY co- chairs. "During the current economic upheaval it is time for our state to provide a wage floor that is realistic. Mayor Bloomberg, Governor Cuomo and Speaker Silver all agree that people cannot live on $7.25 an hour. BALCONY supports a $10 an hour phased-in minimum wage which will result in additional consumer spending that, according to FPI, will create more than 25,000 jobs."

"This new $10 minimum wage proposal is a common sense approach which both business and labor can and should support," concluded Lubin. He noted that more than 1.6 million New Yorkers would see their hourly wages increase to $10 an hour over three years. According to FPI, most of the workers who would be directly affected by a higher minimum wage work in retail. 88% of the workers are adults and 12% teenagers.

Mark Jaffe, President of the Greater New York Chamber of Commerce and a BALCONY member, has indicated that he supports a raise in the minimum wage as well.