New York State Minimum Wage Increase 2024. On may 3, 2023, governor kathy hochul signed the new york state 2024 budget agreement into law, which contained increases to the state's minimum wage,. After the initial increase, the minimum wage will increase by $0.50 in.

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. 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 beginning in 2027.