New York’s minimum-wage employees had extra than simply the brand new 12 months to rejoice Monday, with a pay bump kicking in because the clock ticked over to 2024.
Within the first of a collection of annual will increase slated for the Empire State, the minimal wage elevated to $16 in New York Metropolis and a few of its suburbs, up from $15. In the remainder of the state, the brand new minimal wage is $15, up from $14.20.
The state’s minimal wage is anticipated to extend yearly till it reaches $17 in New York Metropolis and its suburbs, and $16 in the remainder of the state by 2026. Future hikes can be tied to the Client Worth Index for City Wage Earners and Clerical Staff, a measurement of inflation.
New York is certainly one of 22 states getting minimal wage rises within the new 12 months, in line with a latest report by the Financial Coverage Institute.
In California, the minimal wage elevated to $16, up from $15.50, whereas in Connecticut it elevated to $15.69 from the earlier charge of $15.
This most up-to-date pay bump in New York is a part of an settlement made final 12 months between Democratic Gov. Kathy Hochul and the state Legislature. The deal came to visit the objections of some employers, in addition to some liberal Democrats who stated it didn’t go excessive sufficient.
The federal minimal wage in the USA has stayed at $7.25 per hour since 2009, however states and a few localities are free to set greater quantities. Thirty states, together with New Mexico and Washington, have executed so.
