New York’s minimum wage will rise from $8 to $8.75 an hour on New Year’s Eve.

The wage could go up even higher if lawmakers pass another increase in the 2015 legislative session. Supporters of a higher wage are calling for a $10.10-per-hour minimum and want to give cities like New York the authority to raise it even more.

But opponents say another wage hike could backfire by increasing labor costs and prompting employers to cut jobs.

Wednesday’s wage hike is part of a series of increases passed by lawmakers in 2013. The wage is set to increase to $9 on Dec. 31, 2015. This year’s increase will impact an estimated 700,000 workers.

(AP)