City Council Announces Living Wage Compromise

City Council Speaker Christine Quinn (Jemal Countess/Getty Images)

Catherine Yang

Catherine Yang has been with The Epoch Times in New York since 2008. She also launched and previously served as chief editor of American Essence magazine and Epoch Health.

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January 15, 2012Updated: October 1, 2015

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Epoch Times Photo — City Council Speaker Christine Quinn (Jemal Countess/Getty Images)

NEW YORK—City Council Speaker Christine Quinn unveiled on Friday the details of a new living wage bill that will be introduced next month. Companies receiving substantial subsidies from the city would be required to pay their employees a living wage of $10 with benefits or $11.50 without benefits, in an attempt to move up the minimum wage.

Speaker Quinn noted the limitations of legislation on raising salaries and proposed that the city’s Economic Development Corporation incorporate a policy of negotiating development packages with the tenants as well as subsidy recipients.

Money will be allocated to allow the Economic Development Corporation to negotiate a working model, and a fund of $3 million to $10 million will be created for developers who agree to pay the living wage requirement.

Businesses with $5 million annual revenue and businesses receiving less than $1 million in subsidies will not be affected by the legislation. Speaker Quinn expects the legislation to affect 400 to 500 workers in new developments each year.