Assistant Editor-Albuquerque Business First

Albuquerque’s minimum wage increase is costing the University of New Mexicoupwards of half a million dollars annually to boost the pay of hundreds of student workers, according to the Albuquerque Journal.

The increase from $7.50 an hour to $8.50 an hour with an automatic cost of living hike each year, was approved by Albuquerque voters during the November election.

According to UNM’s calculations, the change is expected to cost about $585,000 annually, the Journal reported. But the amount could end up being from $390,000 to $780,000, depending on how many hours students actually work, according to UNM’s calculations, the Journal reported.

UNM does not anticipate cutting any student jobs. They are, “an important component of our workforce as well as an important/critical tool for many students to stay enrolled in school,” Andrew Cullen, associate vice president for planning, budget and analysis, told the Journal.