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NY's minimum wage set to rise

ALBANY -- Minimum wage in New York State will rise to $8 per hour starting January 1st.

Currently New York State's minimum wage is on par with the federal wage of $7.25. However, come January 1st New Yorkers will earn at least $8/hr.

During the past legislative session state lawmakers approved a bill that would raise the minimum wage in 2014 to $8, with another raise to $8.75 in 2015 and a final bump to $9 in 2016.

Democratic state lawmakers pushed for an increase to $9 in 2014 with indexing tied to minimum wage. Workers would automatically see minimum wage increase every time the rate of inflation increased under the bill.

The current bill was an agreed upon bill by legislative leaders.

Groups that represent small businesses continue to be opposed to the rate hike.

Mike Durant, State Director of the national Federation of Independent Business, says the minimum wage increase is more than just adding money to an employees paycheck. 

"Anytime government mandates labor costs, especially in this economy, it will have a negative impact on small businesses who do not have the resources big box stores do to handle the increase." said Durant.