New York's minimum wage will go up come the New Year.  Governor Hochul announced the start of a statewide public awareness effort to ensure that those earning minimum wage will see a raise on January 1.  Due to an agreement between Hochul and the New York State Legislature, New York's minimum wage will increase to $16/hour in New York City, Westchester, and Long Island and $15/hour for the rest of the state.

As part of the FY 2024 Budget, Governor Hochul secured an historic agreement to increase New York’s minimum wage through 2026 and index it to inflation beginning in 2027. After the initial increase, the minimum wage will increase by $0.50 in 2025 and 2026. In 2027, the minimum wage will increase annually at a rate determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the Northeast Region – the best regional measure of inflation.

Hochul said,

"On January 1, we are lifting New York's minimum wage to help hard-working New Yorkers keep up with rising costs and continue supporting their families. If you are a minimum wage worker and you don't see this increase in your paycheck next year, I urge you to file a wage complaint with the Department of Labor to make sure that you are getting the wage increase you deserve."

AndreyPopov from Getty Images
AndreyPopov from Getty Images

When it comes to the cost of living in New York State, a family of four's estimated monthly costs without rent comes to $5,859.30, while a single person's monthly costs before rent come to $1,589.30. The cost of living in New York is 30% higher than the national average. Housing is 78% higher than the national average, while utilities are 4% higher. When it comes to basic necessities such as food and clothing, groceries are around 12% higher than in the rest of the country, while clothing costs 12% higher. Healthcare services such as doctor check-ups and dentistry cost 6% higher in New York compared to the national average.

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The New York State Department of Labor (NYS DOL) has launched a public awareness effort to remind New Yorkers of the update. They are urging employees to speak to their management ahead of time, and to report any missing wages. For those who do not see the increase reflected in their paychecks, the NYS DOL asks that you file a wage complaint on their website.

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