It’s official: California hiking minimum wage to $15; New York looks to follow

In a move that will directly impact retail and fast-food chains, California legislatures approved a plan to raise the minimum wage to $15 an hour by 2022, which will give the state the highest minimum wage in the nation. The measure will be signed into law on Monday by California Gov. Jerry Brown.



California lawmakers approved the hike shortly before New York Gov. Andrew Cuomo and state legislative leaders announced that they had reached a budget agreement that would raise the minimum wage in New York City to $15 by the end of 2018, but with slower increases elsewhere throughout the state.



Under the California measure, the state's hourly minimum wage would increase from the current $10 to $10.50 on Jan. 1, 2017, to $11 the following year, and increase by $1 annually until 2022. (Companies with fewer than 26 employees have an additional year to comply with the increase.) The approximate 2.2 million workers in California who are paid the minimum wage would see their incomes increase in the first year of the law.



California business leaders and associations have been steadfast in their opposition to the wage increase, calling it a job killer and crafted with no regard for the negative consequences it will create.



“Such a dramatic wage hike will force business owners in our industry and many others to make tough choices such as cutting hours, eliminating jobs, or even closing our doors, California Restaurant Association said on its website. “We cannot afford to let Sacramento politicians recklessly destroy California’s businesses and this legislation will do just that.”