Salary Minimum Wage 2024 Nytimes. As part of the fiscal year 2024 budget, governor hochul secured an agreement to increase the state's minimum wage through 2026, with indexing to inflation starting in 2027. As of january 1, 2024, new york state’s minimum wage will increase to $16 per hour in new york city and the counties of nassau, suffolk and westchester, and to $15 per hour everywhere.
In 2025 and 2026, the minimum wage will increase by an additional $0.50 in each year, after which the state’s minimum wage would increase at a rate determined by the consumer price index for urban wage earners and. Finally, there are increases in the minimum salary threshold that must be met for exempt employees.