You're going to receive more money if you work in New York and are currently on minimum wage. The state Labor Department reports that starting on January 1, hourly wages will increase throughout the state, with New Yorkers expected to see the largest increase.
Beginning in the new year, employees in the five boroughs as well as in Westchester, Nassau, and Suffolk counties will be paid $16 per hour, an increase of $1 from the current rate of $15. Workers will make $15 per hour in all other parts of the state, which is 5.6% more than the existing minimum wage of $14.20 in most Upstate areas.
An Additional $80 Per Week As A Result of The Hikes
The increase in 2024 will be followed by increases in 2025 and 2026 of fifty cents per hour. Over the next two years, full-time minimum wage workers in NYC will receive an additional $80 per week as a result of the hikes.
The Department of Labor's website states that since the general minimum wage was established in 1960 at $1, it has significantly increased. The state minimum wage was $7.25 per hour ten years ago. After the rise this year, that figure has doubled.
A Minimum Wage Increase Will Help In The Purchasing Power of Workers
Maintaining the buying power of employees' pay year over year can be facilitated by indexing the minimum wage to inflation. Furthermore, low-income workers would greatly benefit from a raise in the minimum wage, especially women and people of color who make up a disproportionate number of minimum wage workers.
Eighteen states—three of which will have minimum wages of at least $15 in 2023—now relate their minimum wages to inflation or some other economic formula, or they plan to do so shortly. Raising the minimum wage has been linked to several positive outcomes, including less poverty, lower costs for social assistance and other stimulative programs, increased worker productivity, and more, according to economic research.