What is New York’s minimum wage hike worth?

On Wednesday night, Governor Andrew Cuomo and other legislators outlined their agreement on the 2013-’14 New York state budget, which included a plan to raise New York’s minimum wage incrementally over three years, to $9 an hour.

New York, along with 24 other states, currently matches the federal minimum wage of $7.25 an hour, most recently raised in 2009.

The increase to $9 per hour still won’t equal the real value of New York’s 1979 minimum wage of $2.90 per hour, which, adjusted for inflation, would be $9.30 today. The real value of New York’s minimum wage declined steadily between 1979 and 1990, and reached a low in 2000 — the equivalent of just $5.74 in 2013 dollars.

But it does bring New York more closely in line with other states with wage floors higher than the federal minimum.

Many New York politicians, including City Council Speaker Christine Quinn, hailed the increase as a necessary boost for New York’s working class.

In a statement, City Council Speaker Christine Quinn called the raise “much-needed” and praised the state budget as one that “addresses the needs of our families in New York City.”

Other legislators were less impressed. Manhattan State Senator Liz Krueger tweeted her disapproval about the proposed timeline of the increase, which would rise to $8 by the end of 2013, $8.75 by the end of 2014, and $9 by the end of 2015.

“There are very real concerns with how the bill is being explained at this point in time,” Kruger said Thursday.

New York Senate Democrats have consistently called for a $9 minimum wage, Sen. Krueger said, but they want it to go into effect by July 2013, and to be indexed to inflation.

Without the latter, she added, “You’re basically behind the ball even before the ink’s dry on the legislation.”

Sen. Krueger said she thought it would be better to pull the minimum wage issue out of the budget deal entirely, and bring it up again, separately, after a deal was passed.

Republican lawmakers — who initially opposed a minimum wage increase saying it could harm business owners and raise unemployment — agreed to adopt the proposed measure alongside various tax cuts and credits, also to be included in the final budget.

The proposed incremental wage increase is a departure from what Governor Cuomo outlined in his Executive Budget plan in January. There, he called for minimum wage to raise to $8.75, effective July 1, 2013.

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