A 1058: Requires that the average annual wage and average weekly wage of the state of New York, which determine the maximum cap for unemployment insurance benefits, be adjusted for inflation each year.

  
  STATE OF NEW YORK ________________________________________________________________________ 1058 2025-2026 Regular Sessions  IN ASSEMBLY January 8, 2025 ___________ Introduced by M. of A. MAMDANI -- read once and referred to the Commit- tee on Labor AN ACT to amend the labor law, in relation to indexing unemployment benefits to inflation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 529 of the labor law, as added by section 3 of part 2 O of chapter 57 of the laws of 2013, is amended to read as follows: 3 § 529. Average annual wage; average weekly wage. 1. The "average annu- 4 al wage" shall be the average annual wage of the state of New York for 5 the previous calendar year, as determined by the commissioner no later 6 than the thirty-first day of May of each year, increased by the rate of 7 inflation, if greater than zero, as based on the consumer price index 8 for the previous calendar year, as reported by the United States bureau 9 of labor statistics. 10 2. The "average weekly wage" shall be the average weekly wage of the 11 state of New York for the previous calendar year, as determined by the 12 commissioner no later than the thirty-first day of May of each year, 13 increased by the rate of inflation, if greater than zero, as based on 14 the consumer price index for the previous calendar year, as reported by 15 the United States bureau of labor statistics. 16 § 2. This act shall take effect on the first of January next succeed- 17 ing the date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00264-01-5