Governor Kathy Hochul is taking proactive measures to tackle the cost-of-living crisis in New York City and across the state. As she prepares for her upcoming 2025 State of the State Address on January 14th, she is highlighting various initiatives aimed at addressing this pressing issue.
“In New York, as we enter a new year, there is a promise of fresh opportunities and increased financial stability,” declared the governor enthusiastically. He emphasized the ongoing commitment to advocate for families, a mission he embarked upon three years ago when assuming office as governor. This dedication extends beyond individual households, aiming to enhance the affordability of living in New York for hardworking families statewide.”
New York State’s governor has put forth a groundbreaking proposal to introduce Inflation Refund checks, a first for the state. The aim is to provide approximately $3 billion in direct payments to around 8.6 million taxpayers in New York this year.
Many hard-working Staten Islanders may be eligible for refunds as the income limits are set at a level that allows for qualifying. Single taxpayers earning up to $150,000 per year would receive $300, while joint tax filers with an income of up to $300,000 per year would receive $500 under the governor’s affordability agenda.
According to Hochul, hardworking middle-class families are feeling the pressure as inflation drives up the cost of living. She emphasizes that these families did not request or cause the increase in prices.
Starting this month, workers in the state will see an increase in the minimum wage, as the governor proudly announced. Additionally, expectant mothers will now be the first in the nation to receive paid prenatal leave. Furthermore, a ban on insulin co-payments for state-regulated insurance plans has been implemented. These measures aim to improve the well-being and support of workers and families across the state.
The Inflation Refund plan aims to be funded by the $3 billion surplus in sales-tax revenue caused by the rising costs of groceries and other essential items during the COVID-19 pandemic.
The governor mentioned the $500 initiative, which aims to provide financial relief to families earning $300,000 or less. This plan has gained significant attention and is set to benefit a wide range of individuals.
“Our belief is that money should never have been removed from your possession. This is due to the fact that you paid a higher price for every item you purchased over the past three years as a result of inflation.”
The governor must collaborate with the state Legislature to garner support for her proposed budget.
According to the state Labor Department, the minimum wage in New York City, Long Island, and Westchester County has increased to $16.50 an hour, while in all other parts of the state, it has increased to $15.50 an hour. This change was implemented last Wednesday.
On January 1, 2026, the minimum wage in the state will see another 50-cent increase. This will bring the minimum wage to $17 and $16, depending on the location of your workplace. It is worth noting that future increases will be linked to inflation.
According to Hochul, when inflation rises, your wages will increase automatically. This means you won’t have to negotiate with your employer or go back to the bargaining table. It’s a simple and straightforward process – as inflation goes up, your wages go up too.
New York becomes the pioneer state in the country to mandate paid time off for pregnant women seeking prenatal care and other medical services related to their pregnancy. Expectant employees in New York now have the privilege of receiving an extra 20 hours of paid sick leave specifically for attending pregnancy-related medical appointments, in addition to their current sick leave entitlements.
In a recent announcement, Hochul emphasized that starting this week, several New Yorkers will no longer face the difficult decision of sacrificing their paychecks or receiving essential prenatal care for their babies. This positive change will directly benefit individuals such as home health care aides, hourly restaurant workers, and many others who do not have a stable income.
According to the governor, diabetics can save around $1,200 through the elimination of insulin co-payments.
The governor emphasized the importance of affordable insulin for those who depend on it to stay alive. He empathized with the audience, stating that almost everyone has a family member who understands the challenges associated with accessing this vital medication. He firmly believed that individuals should not have to face financial hardships in order to receive the necessary care.
The State of the State Address has been scheduled for January 14th at 1 p.m. It will take place at the Hart Theater, located at The Egg, Empire State Plaza in Albany.
