New York’s minimum wage will increase to $8 an hour at the end of this year (December 31) which is a whopping 75 cents higher than the federal minimum and our previous state rate.
This raise is the first of three incremental boosts approved by the Legislature and Gov. Andrew Cuomo when they approved the state budget last March. The minimum for most workers will increase to $8.75 an hour next year and then to $9 an hour a year after that.
The minimums for workers in the restaurant and hospitality industry who get tips may remain $5 an hour, with employers able to raise the maximum tip credits to $3 an hour the first year, $3.75 the second and $4 after that for service workers whose combined tips and wages meet or exceed the new higher minimums.
The raise still seems pretty low to me, and certainly won’t bring anyone out of poverty. It’s about a $30 difference a week for full time workers.. Well, after taxes, less than that.