Res 0310-2022

Whereas, Beginning in 2012, the nationwide Fight for Fifteen movement publicized the inadequacy of the minimum wage, and played a role in leading former-Governor Cuomo to pass an Executive Order gradually increasing the minimum wage from $7.25 an hour, at the end of 2013, to $15.00 at the end of 2018; and Whereas, However, According to the Bureau of Labor Statistics, the rate of inflation has remained at 7% or higher since December of 2021, decreasing the value of the minimum wage and reducing workers' purchasing power, leading to hardship for many; and Whereas, Adjusted for consumer price inflation from the fourth quarter of 2018 through the first quarter of 2022, the purchasing power of New York City's $15 minimum wage has declined by 13.6% and is now worth just $12.96; and Whereas, Each year that inflation increases and wages remain stagnant, workers in the lowest-paying sectors including food service, retail, and customer service, struggle with the rising cost of necessities; and Whereas, According to estimates by the Economic Policy Institute, tying minimum wage to the rate of inflation, a practice known as indexing, would deliver raises to over 2 million workers, including 1.4 million workers of color and 1.1 million women, populations that also face significant barriers to advancement; and Whereas, Dozens of high-cost cities are already raising their minimum wages above $15, and many are reaching or exceeding $17 in 2022; and Whereas, By joining eighteen other states that have indexed their minimum wages, workers in New York State can maintain their purchasing power without yearly legislative action; and Whereas, New York State Senate Bill S.3062D, sponsored by Senator Jessica Ramos, and Assembly Bill A.7503, sponsored by Assemblywoman Latoya Joyner, amends Labor Law Section 652, requiring the Commissioner of Labor to publish a new, increased minimum wage on or before October first of each year; and Whereas, According to the bill, the new wage would be the current minimum wage increased by the June through June rate of inflation and labor productivity as measured by the consumer price index for all urban consumers (CPI-U) and would take effect on December 31 of each year; and Whereas, The bill requires all New York City employers to pay their employees $17.25 on and after January 1, 2024, $19.25 on and after January 1, 2025, and $21.25 on and after January 1, 2026; and Whereas, With prices rising at the fastest pace in 40 years, New Yorkers need livable wages and can no longer afford to wait; now therefore, be it Resolved, That the Council of the City of New York calls on the State Legislature to pass, and the Governor to sign S.3062D/A.7503, raising the minimum wage annually by a percentage based on the rate of inflation and labor productivity. EA LS #9362 12/7/22