Sweeney: Minimum Wage Will Increase, We’re Just Giving The Governor The Chance To Do The Right Thing

TRENTON – Legislation sponsored by Senate President Steve Sweeney and Senators Joe Vitale and Richard J. Codey that would increase the state’s minimum wage to $8.50 per hour from its current rate of $7.25, and tie future increases to the Consumer Price Index was today approved by the full Senate.

“For years, New Jersey has assigned a dollar amount to the minimum wage that is woefully inadequate,” said Sweeney (D-Gloucester/Cumberland/Salem). “In fact, it is a complete failure. An increase must happen. Moreover, the additional money earned by those making minimum wage will go right back into the economy. And by tying future increases to the CPI, we will ensure that people can still see a meaningful wage increase, but one that does not cause severe hardship for business owners.”

TRENTON – The Senate Budget and Appropriations Committee today approved a bill sponsored by Senate President Richard J. Codey (D-Essex) that would serve as an economic engine by creating a more business-friendly environment in New Jersey and spurring job growth. Senate Bill S3 is one of 11 bills that are part of the Governor’s economic stimulus plan aimed at responding to the current state and national economic crisis.

The first component of the bill would eliminate the so-called sales “throw out rule” provision, which is part of the formula used to calculate the corporation business tax. The second component of the bill would eliminate the “regular place of business” requirement used to allocate less than 100% of income to New Jersey. Together, these components would create a more competitive environment for New Jersey to attract and retain businesses.

TRENTON – Legislation sponsored by Senate President Steve Sweeney and Senators Joe Vitale and Richard J. Codey that would increase the state’s minimum wage to $8.50 per hour from its current rate of $7.25, and tie future increases to the Consumer Price Index was today released by the Senate Budget and Appropriations Committee.

“For years, New Jersey has assigned a dollar amount to the minimum wage that is woefully inadequate,” said Sweeney (D-Gloucester/Cumberland/Salem). “In fact, it is a complete failure. An increase must happen. Moreover, the additional money earned by those making minimum wage will go right back into the economy. We are giving Governor Christie an opportunity to do right by hard working people by signing this bill into law. If the governor won’t sign the bill, then we will go directly to the voters to get it done.”

TRENTON – Legislation Senate President Steve Sweeney and Senators Joe Vitale and Richard J. Codey sponsored to increase the state’s minimum wage to $8.50 per hour from its current rate of $7.25, and index it to the Consumer Price Index to ensure annual adjustments that are in line with increases in the cost of living was today released by the Senate Labor Committee.

The measure would directly impact the roughly 40,000 New Jerseyans who earn the minimum wage.

“Those working on the bottom rung of the economic ladder desperately need a minimum wage that doesn’t condemn them to a minimum standard of living,” said Sweeney (D-Gloucester/Cumberland/Salem). “While the cost of living has continually risen, workers earning the minimum wage have seen their incomes stagnate, keeping them farther and farther below even the poverty line. This is long overdue for those who most need it, and whose earnings will go directly back into the economy, spurring further economic growth.”

TRENTON – A bill sponsored by Senate President Richard J. Codey (D-Essex) that would serve as an economic engine by creating a more business-friendly environment in New Jersey and spurring job growth was approved by the full Senate today by a vote of 39 to 0. Senate Bill S3/S1874, which was substituted by identical Assembly bill A2722, is one of many bills being voted on today that are part of the Governor’s economic stimulus plan aimed at responding to the current state and national economic crisis.

The first component of the bill would eliminate the so-called sales “throw out rule” provision, which is part of the formula used to calculate the corporation business tax. The second component of the bill would eliminate the “regular place of business” requirement used to allocate less than 100% of income to New Jersey. Together, these components would create a more competitive environment for New Jersey to attract and retain businesses.