New York Minimum Wage to Increase to $16 Per Hour

C.G. Hoffman

The minimum wage in New York is set to go up again on January 1, 2024, from its previous rate of $15 per hour to $16 per hour. Ongoing rate changes will be tied to inflation and the Consumer Price Index, which is a measure that attempts to average change over time of the cost of consumer goods and services.

Governor Hochul says “if costs go up, so will your wages.” According to the governor, inflation has driven the cost of living for low-income New Yorkers up 13% in just the last two years, making this the right time for a minimum wage increase.

The entire state is set to see the increase, with workers in the five boroughs, plus Westchester, Nassau and Suffolk counties earning a minimum of $16 per hour. In other areas of New York State, the minimum wage will increase to $15 per hour.  Rates are subject to increase over the next two years by another 50¢ per hour, bringing the total weekly increase to $80 per week for full time workers.

Considering that the first mandatory minimum wage was mandated in 1960 at $1 per hour, wages have gone up considerably over the last few years. These increases are not limited to New York, as the state joins 21 others in lifting the minimum wage. Washington State comes in at the highest rate, with a minimum wage of $16.28 an hour, while some states clock in at a measly $7.25 an hour. The increases are instituted on a state-by-state basis, as the federal minimum wage has not increased since 2009.