The minimal wage throughout New York State goes up once more. The speed will progressively improve starting on January 1, 2024.
On Could 3, 2023, Governor Hochul signed laws to boost the hourly minimal wage as follows:
|Efficient Date||New York Metropolis, Lengthy Island, and Westchester||The rest of New York State|
|January 1, 2024||$16.00||$15.00|
|January 1, 2025||$16.50||$15.50|
|January 1, 2026||$17.00||$16.00|
The brand new minimal wage charges apply to all New York employers, no matter measurement.
As well as, beginning January 1, 2027, additional annual minimal wage will increase could be carried out every year primarily based on the Client Worth Index for City Wage Earners and Clerical Staff (“CPI-W”) for the Northeast Area. There could be no will increase to the minimal wage if, over a interval of the prior yr, the CPI-W for the Northeast Area is destructive, or when the New York State unemployment price will increase by 0.5 p.c or extra.
The State Division of Labor is required to publish adjusted wage charges no later than October 1 of every yr.
New York State Wage Thresholds
The minimal wage for exempt standing has additionally elevated in earlier years on the similar time the state elevated the minimal wage. There isn’t a provision for such a rise on this yr’s funds.
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