ALBANY – State lawmakers have settled on a tentative agreement that would raise the state’s minimum wage to $9 an hour as part of the $136.5 billion budget. The Albany Times-Union is reporting that following a private conversation Monday morning, Senate Republicans — who had previously described a wage hike as a “job killer” — said they could settle on a spending plan that included an increase paired with tax credits for individuals and small businesses.
The wage boost would be phased in over three years, according to people familiar with the agreement: from $7.25 to $8 by Jan. 1, 2014, then to $9 by Jan. 1, 2016. It won’t be indexed to inflation, a mechanism that would take future increases out of the hands of lawmakers.
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