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ARTICLE · 17 MAY 2023

Budget Expected To Raise New York's Minimum Wage

New York Governor Kathy Hochul announced an agreement with legislative leaders for the FY2024 New York State Budget on April 27, 2023. Notably, the deal includes legislation...

United StatesEmployment and HR

UPDATE: On May 3, 2023, Governor Hochul signed these changes into law.

New York Governor Kathy Hochul announced an agreement with legislative leaders for the FY2024 New York State Budget on April 27, 2023. Notably, the deal includes legislation that would increase the state minimum wage rate for the next three years, and index the minimum wage to the consumer price index thereafter.

Minimum Wage Increases

Once adopted, the FY2024 Budget would establish a new statutory minimum wage rate schedule in Section 652 of the Labor Law as follows:

Effective Date

New York City, Westchester, Nassau, Suffolk Counties

Upstate New York

January 1, 2023

$15.00

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