ALBUQUERQUE, NM (KRQE) – There will be a raise when it comes to minimum wage starting January 1, 2023. It will go up 50 cents an hour.
Laura Cano is the owner of Kyra’s Arts Imports in Old Town and says with tourism slowing down and with prices going up, she’s had to cut down on her staff. Add a minimum wage increase and her business could really be impacted.
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“It affects me when it comes to my products because things will be going up between 15 and 20 percent to cover all of the changes and the new salaries,” said Cano. She has tried to keep things at a normal price but with inflation and the cost of living going up, she’ll have to raise prices at her store. Which is something she’s been holding off on doing.
“It’s been more than a year that we haven’t raised prices. This year, we can’t keep on doing that we’re going to have to,” said Cano.
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The increased minimum wage is in accordance with the New Mexico Minimum Wage Act, signed into law in 2019. Starting Sunday, the state minimum wage will raise to $12 per hour – for tipped wages, it will be $3. For some people who live off tips, they say the rise comes at a perfect time.
While Humble Coffee barista Christian Vittitow says the extra pay will help out the workers, they’re already seeing increased costs with more expensive ingredients.
“Especially with like, alternative milks, they’re a little more expensive since people are opting with being vegan and stuff, those milks are more of a jumping price, so we’ll definitely have to charge more for that,” said Vittitow.
New Mexico is among 27 states that will have an increase when it comes to minimum wage.