Approved May 31, 2022

RESOLUTION OF THE GREATER UTICA CHAMBER OF COMMERCE OPPOSING THE INDEXING OF MINIMUM WAGE INCREASES TO THE INFLATION RATE

WHEREAS,  the New York Legislature is currently considering Senate Bill S-3062 and Assembly Bill A-7503, which would index increases in the state’s minimum wage annually to a percentage based on inflation;  and

WHEREAS,  the current minimum wage would be increased immediately by using the June to June increase in the consumer price index;  and

WHEREAS,  increases in labor costs are consistently passed on to consumers in the form of higher prices for goods and services; and

WHEREAS,  rising wages contribute to further inflation which will further increase wages in a cycle referred to by economists at the “wage-price spiral”; and

WHEREAS,  increases that match the inflation rate are not typical seen in collective bargaining (union) negotiations and place artificial pressure on companies seeking to control costs;

NOW THEREFORE BE IT RESOLVED that the Greater Utica Chamber of Commerce opposes the concept of indexing increases in the minimum wage to match the inflation rate.