Expert: Saving still key in case of minimum wage raise
News 12 The Bronx is looking at what kind of lifestyle could be afforded if the minimum wage was raised to $13.13, as Albany was recently considering for New York City.
Financial expert Valerie Adelman says there's a significant difference in having an extra $5 an hour. "That would be an extra $200 a week, $800 a month, $9,600 a year," she says.
Adelman says if the minimum wage were to rise, saving is the key.
Some residents say they would save, but think there would be a rise in prices of goods and services that would offset the enhanced pay.
At the moment, the minimum wage in New York still stands at $8 an hour. Federal law requires the minimum wage to increase to $8.75 an hour by Dec. 31 of this year. By Dec. 31, 2015, the minimum wage must increase to $9 an hour.