New York lawmakers announced on March 31, 2016 that they reached a budget agreement to raise New York City’s minimum wage to $15 an hour by the end of 2018 for employers with at least eleven employees. The minimum wage will also rise in the rest of New York State but at a slower pace.
For workers in New York City employed by business with at least 11 employees, the minimum wage would rise to $11 at the end of 2016, $13 at the end of 2017, and $15 on December 31, 2018. For workers in New York City employed by businesses with 10 or less employees, the minimum wage would rise to $10.50 at the end of 2016, $12 at the end of 2017, $13.50 at the end of 2018, and $15 on December 31, 2019.
The minimum wage increases are expected to affect approximately 2.3 million workers statewide. We are hopeful that this legislation will be a win-win for both workers and businesses – more money in workers’ pockets and ultimately more money flowing into the economy!