New York City is a great place to raise your family.
According to a recent report from the Human Resources Institute, about 75% of workers in the city will be paid a base salary of $75,000 in 2021, and the average worker will earn an annual salary of just over $100,000.
But according to a new report from research firm CB Insights, New York has some of the lowest base salaries in the country, which could impact how many workers are able to get raises.
According to the report, just 22.5% of New York workers who are over 25 years old will receive a raise, and only 12.7% of those over 35 years old.
In the state’s capital, Washington, only about 15% of employees will receive an increase, and in the suburbs, just 10% will receive raises.
So, whether you’re working a 9-to-5 or an 80-hour work week, how should you prepare for the possible future raises?
CB Insight’s study notes that the median starting salary for full-time employees in New York is $69,829.
That means that if you’re the same age, starting pay for a full-timer is about $70,000 less than the average starting salary in New England.
And if you live in the Bronx, the median salary is $70.11, well below the $70s.
But it’s not all bad news for New York residents, as there’s one bright spot: About 30% of full- time workers in New Jersey will receive at least a $1,000 raise, while in Massachusetts, that figure is about 50%.
That means if you work in New Hampshire or Vermont, you’ll likely receive a boost.
While the report notes that full-timer New York will get a raise as soon as 2021, CB Insigsays that the minimum wage is set to increase to $10.10 by 2021, which is $2.50 less than what the average New York worker will be making in 2021.
And with the state already having one of the highest minimum wages in the nation, a wage hike in 2021 could be a good thing for a lot of workers.
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