New York’s minimum wage will rise from $8 to $8.75 an hour on Wednesday, giving a boost in pay to some 700,000 workers.

The state is one of several raising its minimum pay rate in the new year, with increases taking effect Jan. 1 in Connecticut, Rhode Island, Massachusetts, Florida and other states.

New York lawmakers approved the increase in 2013 as part of a series of steps to bring the wage to $9 on Dec. 31, 2015.

It could go up even higher if lawmakers pass another increase in the 2015 legislative session. Supporters of a higher minimum 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.

Further increases stalled in the Legislature last year when they ran into opposition from Republicans in the state Senate. Since then supporters of a higher minimum wage picked up a valuable ally in Democratic Gov. Andrew Cuomo, who agreed to support the measure during his successful re-election campaign.

Those opposed to the raise include the Business Council of New York. “We disagree with the notion that the way to produce better-paying jobs is to pass a law requiring people to pay more than what the market would suggest,” said Ken Pokalsky, the group’s vice president.