Business owners speak out in favor of Cuomo's push to raise minimum wage to $10.50

Associated Press

New York Gov. Andrew Cuomo's push to raise the state minimum wage to $10.50 is winning praise from some business leaders.

More than 40 business owners and chamber of commerce executives from New York City, Long Island and the Hudson Valley announced their support for Cuomo's proposal Monday. They included the president of Viacom, Inc. and the CEO of the Greater New York Chamber.

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The current $8.75-an-hour minimum wage will go to $9 at year's end. The Democratic governor wants to raise it to $10.50 statewide and $11.50 in New York City.

Other Democrats including New York City Mayor Bill de Blasio want a bigger increase. Republicans oppose another hike, and business groups like the Business Council of New York State say it would drive up labor costs.