New York governor announces $10B investment in state healthcare workforce

New York Gov. Kathy Hochul on Jan. 5 announced a $10 billion, multiyear investment in healthcare, which includes $4 billion for wages and bonuses for healthcare workers.

The goal of the investment is to increase the state's healthcare workforce by 20 percent in the next five years, according to a news release from the governor's office.

Here is a breakdown of the investment:

  • $2 billion for healthcare wages
  • $2 billion for healthcare and mental hygiene worker retention bonuses. Full-time workers who stay in their jobs for one year can receive up to $3,000 bonuses, and those who work fewer hours can receive a prorated bonus.
  • $500 million for cost-of-living adjustments
  • $2 billion for healthcare capital infrastructure and improved lab capacity
  • Additional investments in workforce and healthcare access

Ms. Hochul is also creating a program to recruit more healthcare employees in needed areas and grow access to training and education in healthcare.

The investment is supported by the Communications Workers of America, the New York State Nurses Association and the Public Employees Federation, according to a statement shared with Becker's.

"We applaud Governor Hochul for recognizing that our front-line healthcare workers are in desperate need of additional resources as COVID-19 overwhelms our hospitals," the statement said. "The governor's pledge to invest $10 billion in higher wages, better hospital conditions and a more robust pipeline of workers is a huge step forward and essential for protecting the health and safety of the public."

Read more here.

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