New York Governor Cuomo proposes minimum wage hike

Wed Jan 9, 2013 3:46pm EST

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Jan 9 (Reuters) - New York Governor Andrew Cuomo called on Wednesday for raising the state's minimum wage by nearly 21 percent, to $8.75 an hour.

"It is long overdue," Cuomo said during his State of the State address. "We should have done it last year."

New York's current rate of $7.25 an hour is below that of 19 other states, he said. On Jan. 1, 10 U.S. states increased their minimum wage rates by between 10 and 35 percent.

Lawmakers in neighboring New Jersey passed bills late in 2012 to ask voters whether the state ought to hike the minimum wage to $8.25 per hour from the current $7.25.

But the legislators must approve the measure again this year before it goes on the ballot.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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