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Tuesday, September 26, 2023

New York Minimal Wage Growing in 2024

new york minimum wage 2024The minimal wage throughout New York State goes up once more. The speed will progressively enhance 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 annually based mostly on the Shopper Worth Index for City Wage Earners and Clerical Employees (“CPI-W”) for the Northeast Area. There could be no will increase to the minimal wage if, over a interval of the prior 12 months, the CPI-W for the Northeast Area is detrimental, or when the New York State unemployment price will increase by 0.5 % or extra.

The State Division of Labor is required to publish adjusted wage charges no later than October 1 of every 12 months.

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 any provision for such a rise on this 12 months’s funds.

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