This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AARP Says Minimum Wage Hike Moves New York Workers Closer To Livable Wage

Assoc. Backs Minimum Wage Boost - Move Would Help Many 50plus Workers Across the State

ALBANY, N.Y., March 18, 2013 /PRNewswire-USNewswire/ -- With the debate over increasing the minimum wage escalating in Albany, today, AARP announced it is backing the move saying it will aid many 50plus workers struggling with the ability to retire while grappling with soaring health care, utility, prescription drug, grocery and gas prices.  

On the heels of a new AARP analysis of 40plus workers in the state finding nearly a quarter are in the lowest income bracket, the Association says the increase in New York's minimum wage would get New Yorkers closer to a "livable" wage. 

The legislation, passed by the Assembly earlier this year, would raise the state's minimum wage from $7.25 to $9.00 per hour, or, for someone working full-time, year-round, the increase would be from making roughly $15,080 to $18,720. Governor Cuomo's plan calls for an increase to $8.75 an hour or $18,200 a year.  New York has not increased its minimum wage since 2009.

According to a recent study of livable wages by state and city, a livable wage for New York is $11.50 an hour ( $12.75 in New York City).  AARP believes that government policies should ensure that workers' pay and other benefits are sufficient to cover essential living expenses. The Association supports the living-wage concept as a method of keeping workers' pay commensurate with the local cost of living.

"Across New York State, many 50plus workers continue to live in a state of financial insecurity; they've seen pensions disappear, retirement savings dwindle, and nest eggs disappear, while costs of the basics soar," said Beth Finkel, State Director for AARP in New York.  "New Yorkers deserve a livable wage and any increase in the minimum wage is a positive step in that direction."

Nationally, one-third of all AARP members are in the workforce.  There is a sizable segment of the workforce for whom full-time, year-round work does not provide sufficient income for a decent standard of living.  A significant number of midlife and older workers are also finding themselves in the contingent workforce because they can't find full time work.  Contingent workers typically receive lower pay and few or no benefits, lack job security or opportunities for advancement, and have few legal protections.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.24 1.70%
FB $117.70 -0.73%
GOOG $694.80 -0.49%
TSLA $235.81 -2.50%
YHOO $36.11 -1.10%


Chart of I:DJI
DOW 17,769.77 -121.39 -0.68%
S&P 500 2,066.57 -14.86 -0.71%
NASDAQ 4,784.8210 -32.7730 -0.68%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs