Minimum Wage Increasing
Great news for New Yorkers working part-time, minimum wage is increasing from 16 per hour for
New York City, Westchester, and Long Island. They’re increasing wage prices to agree with inflation which would help many rely on minimum wage for maintaining their household. They have also secured an agreement to increase wages by $.50 in 2025 and 2026. After 2027 it’s expected to increase annually depending on the index. This change will start on January 1st, 2024!
Although it’s beneficial for wages to increase, this certainly will mean the way our economy and the expenses of things will increase as well. So if wages are increasing so is the cost of living. Wouldn’t really make a prominent difference in the economy.