Text · page 38 of 132
Read the whole document on one page (all 132 pages, each with its own heading)
Reason for 5% Wage Increase – Minimum Wage & Social Security Increasing NYS Minimum wage increases from $13.20 to $14.20 (7.5% increase) effective 12/31/22 Social Security cost of living adjustment (COLA) was 5.9% in 2022 (largest in 40 years) and was announced 10/13/22 to be 8.7% for 2023 based on CPI data (largest increase in 42 years) NYS DOL announced $14.20 minimum wage going into 2023. The rest of the #’s listed above are estimates 42