In FY 2024, New York Governor Kathy Hochul announced plans to raise the state minimum wage annually until 2026, starting with a $0.50 increase in 2025.
By January 2025, NY State’s minimum wage will reach $15.50 and NYC’s will be $16.50, with a further increase in 2026 before indexing to inflation.
New York's minimum wage, initially established at $1/hour in 1960, progressed slowly, only surpassing $5/hour by 2000, highlighting the historical context behind wage regulations.
Despite these increases, NYC’s minimum wage is not the highest in the nation; Tukwila, WA holds that record with a minimum wage of $20.29/hour.
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