New Mexico’s legislature passed a $15-an-hour minimum wage bill Thursday, making New Mexico the second state to adopt such a measure.
The measure will take effect in February 2018.
It is a win for labor unions, employers, small businesses, and others concerned about the impact of a rising minimum wage on workers.
Bill Richardson, a Democrat, called the new law “a milestone in our effort to end poverty, provide opportunity, and improve lives.”
New Mexico has had a minimum wage of $10.25 an hour since 2005.
The state’s Democratic governor, Susana Martinez, said she believes the new minimum wage will help the state and its residents.
“This will help us make the transition to a more prosperous economy that creates opportunities for all,” Martinez said.
“The minimum wage should be a no-brainer.”
Workers in other states with a minimum-wage law could see an increase of up to 10 percent over the next two years.
For example, Connecticut, with a $8.75 hourly wage, will see an $8 increase in 2019, and Rhode Island, with an $11.25 hourly wage will see a 7 percent increase in 2020.
The New York City minimum wage increased to $10 an hour in July, and will increase to $12 an hour by 2022.
The Massachusetts minimum wage is set to increase to an $18.50 hourly rate by 2021.
A New York law that was signed last year by Gov.
Andrew Cuomo, which would have raised the state’s minimum wage to $15 an hour, is expected to take effect later this year.
The federal minimum wage, which currently is $7.25, will go up to $9 an hour beginning January 1, 2021.
The minimum wage has been a contentious issue in New York state politics.
The Republican-controlled state legislature passed the bill in April.
Gov.-elect Phil Murphy, who is running for governor, said he would consider increasing the state minimum wage and called it a victory for the state.
“We’re the first state in the union that has passed a minimum minimum wage,” Murphy said at the time.
“I think it’s a very good thing for New York.
I think it will make the state a lot more competitive.”
The legislation was signed by Assembly Speaker Anthony Rendon, D-Newark, and Senate President Kevin de Leon, D, after the governor’s approval.
The new minimum-wage law comes as a new study indicates that the U.S. economy is likely to be a stronger one for a number of years to come, if not longer.
The Economic Policy Institute said in a report released Thursday that wage increases are unlikely to cause an increase in employment and the economy’s growth rate to fall below 1 percent.
In fact, the report said, the increase in the minimum wage “would probably be associated with a decline in the employment rate,” which is the percentage of people in the labor force.
However, the study also noted that if the minimum-income wage did rise, it could potentially have an impact on job growth.
For instance, the institute noted that the increase could help employers who want to hire temporary help workers.
The study found that the minimum amount of help a person needs to earn in order to earn $20 per hour is likely not high enough to affect hiring decisions.
“Increasing the minimum minimum hourly wage could potentially lead to employers providing more assistance in order for workers to earn a living wage,” the institute’s report said.