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flag On New Year's Day, New York will become the latest state to raise its minimum wage.

flag New York's minimum wage is increasing from $15 to $16 in New York City and some of its suburbs, and from $14.20 to $15 in the rest of the state. flag This marks the first of a series of annual increases planned for the Empire State, ultimately reaching $17 by 2026. flag The new wage increases are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, a measurement of inflation. flag This change puts New York among 22 states set to increase their minimum wages in 2024.

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