NY Business Council: $15 Wage Is $15.7 Billion Burden

ALBANY (AP) -

A leading New York state business organization says Gov. Andrew Cuomo’s plan to gradually raise the minimum wage to $15 an hour would increase private sector labor costs by $15.7 billion a year.

The Business Council of New York State cited the number in a statement Wednesday formally opposing Cuomo’s increase, which it says will hit small businesses the hardest, while reducing the state’s overall economic competitiveness.

Cuomo says new business tax breaks could offset higher labor costs.