New York Raising Minimum Wage To $8 By End Of Year

New York state is expected to raise its minimum wage by 75 cents to $8 an hour by the end of this year, the Associated Press reported Friday.

The hike is the first of three increases approved by the state legislature and Gov. Andrew Cuomo (D) in March. By the end of 2014, the minimum wage is expected to increase to $8.75 an hour and then to $9 an hour a year after that. Wages for restaurant and hospitality workers will remain at $5 an hour.

It was announced last month that President Barack Obama was backing legislation to gradually raise the federal minimum wage from $7.25 to $10.10 an hour.

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