Minimum wage in New York expected to rise again soon

New York – As businesses struggle to recover from the coronavirus pandemic the most common workers question is “When is minimum wage going to increase again in New York?”

According to proponents of higher wages, that’s exactly what’s needed to get people back to work.

Meanwhile, opponents say raising the minimum wage will put greater pressure on small businesses — forcing some to close.

A couple of years, New York State was pushing toward a $15 minimum wage mandate across all regions.

In the fast-food industry — $15 is the established, hourly wage for all workers.
At this point, the minimum wage is $12.50 an hour. The state typically releases updated guidance on the following year by October 1.
“Increases for the rest of the state will continue until the rate reaches $15 minimum wage (and $10 tipped wage),” an official said. “The annual increases will be published by the commissioner of labor on or before October 1.”

According to the spokesperson for the state Department of Labor, the percent increase in minimum wage will be based on economic indices, including the consumer price index.

The bottom line: It could be a while before minimum wage hits $15 an hour.

The last several years of wage increases show an average jump of 70 cents annually. That means minimum wage would likely increase from approximately $12.50 to $13.20 an hour — if that pace holds true.

A look back at the last several years of wage increases shows an average jump of 70 cents annually. It’s unclear how inflation might factor into that, as that economic indicator has received a lot of attention this year.