How much New York's minimum wage will increase on Jan. 1, 2024
NEW YORK CITY - New York State will raise the minimum wage to $16 an hour for employees in New York City, Long Island and Westchester, beginning in 2024, as well as $15 elsewhere in the state.
The 2024 increases will be followed by $0.50 annual increases in both 2025 and 2026.
"In the face of steadily rising costs and inflation, this historic plan to overhaul New York's minimum wage will ensure that the wages of those hit hardest by the affordability crisis - including women, single mothers and people of color -- keep pace with the cost of living," New York Gov. Kathy Hochul said.
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These New York laws take effect in 2024
Several new laws in New York are set to take effect in 2024, including minimum wage increases across New York City, Long Island and Westchester.
Beginning 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."
"This is a win for workers and for businesses: indexing the minimum wage to inflation will help hundreds of thousands of New Yorkers maintain their purchasing power, contribute to the state economy, and support our small business community," Hochul said.
The state agreed to a statewide minimum wage of $15 as part of the 2016-2017 state budget. It called for the increase to take place in a series of wage increases.
At the start of 2017, the statewide minimum wage was $9.70. It was $10 an hour on Long Island and Westchester County.
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These NJ laws take effect in 2024
Several new laws go into effect in New Jersey in 2024, including a minimum wage increase and tax breaks for several groups.
In New York City, businesses with less than 10 employees were required to pay $10.50 an hour and larger employers were obligated to pay $11 an hour.
New Jersey minimum wage increase
A bill will increase New Jersey’s statewide minimum wage by $1 to $15.13 per hour for most employees.
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How much New Jersey's minimum wage will increase on Jan. 1, 2024
The NJ minimum wage increase was part of a scheduled hike stemming from a 2019 bill signed by New Jersey Gov. Phil Murphy.
The increase was part of a scheduled hike stemming from a 2019 bill signed by Gov. Phil Murphy. The legislation phases in a $15 an hour minimum wage, which will be reached by 2024.
When Murphy took office back in 2018, the state’s minimum wage was $8.60 per hour.
Connecticut minimum wage increase
Connecticut's current minimum wage is $15 per hour and will increase to $15.69 per hour on Jan. 1. Like New York and New Jersey, the minimum wage is indexed for inflation, meaning it is automatically adjusted each year for increases in prices.
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How much Connecticut's minimum wage will increase on Jan. 1, 2024
Gov. Ned Lamont signed Public Act 19-4 back in 2019, which implemented five incremental increases in the minimum wage between 2019 and 2023 in Connecticut.
The employment cost index increased by 4.6% from June 2022 to June 2023, accounting for a $0.69 increase, officials said.
The federal minimum wage in the United States has stayed at $7.25 per hour since 2009, but states and some localities are free to set higher amounts. Thirty states have chosen to do so.