On New Year’s Eve I got a raise – courtesy of the Great State of New York.
At the stroke of midnight the minimum wage for tipped employees (that’s me) went from $3.85 to $4.35 an hour. After taxes that comes out to a little over $500 extra a year. I’m happy to get it.
But I’m never gonna get to keep it.
That’s because last week I got a letter from my health insurance company informing me the cost of my coverage was going up. Can you guess how much?
$500 more a year.
Sigh, the State giveth and the insurance company taketh away.
Next year the minimum wage is rising to $4.60. But that won’t cover the next round of health care rate increases.