FINANCE
What is the current minimum wage in NY and will it go up in 2025?
New York state has a much higher minimum wage compared to the federal average with automatic raises for the next two years.
Beginning January 1, 2024, the minimum wage in New York State was raised to $15, except in New York City and Nassau, Suffolk, and Westchester Counties, where the base salary will be higher.
In addition to this increase, automatic hikes will take place in the state starting in January 2025 and early 2026. In May, Governor Kathy Hochul’s office reported that the minimum wage will increase an additional $0.50 each year, so by 2025 it will increase to $15.50 and $16 per hour by 2026.
In order not to affect the purchasing power of New York workers, the increases will continue after 2026. Starting in 2027, the increase in the minimum wage will be calculated based on the Consumer Price Index for Salaried and Office Workers Urban of the Northeast region.