The proposed 2027 regulations would also block California's hearing aid and wheelchair mandates, the state's governor says.

The rising cost of care is the biggest financial concern among older workers.

The proposed pay increase "is a step in the right direction, but it does not negate the compounding effects of rising inflation, record levels of uncompensated care and a growing uninsured population," Charlene MacDonald, president and CEO of the Federation of American Hospitals, said in a statement.

"Affordability now outweighs nearly every other factor in benefits decision-making," ADP researchers write in the ADP TotalSource® Employee Benefits Survey.