New York State Minimum Wage 2024. The budget also addresses minimum wage rates beyond 2026. The statewide $15 minimum wage will lift the earnings of about a quarter of the state’s total workforce and result in $15.7 billion of direct economic gains.

On may 3, 2023, new york governor kathy hochul signed into law the fy2024 new york state budget agreement (the budget), which includes legislation increasing the state’s. As part of the fy 2024 budget, governor hochul secured an historic agreement to increase new york’s minimum wage through 2026 and index it to inflation.