The Empire State rings in the new year with a pay bump for minimum-wage workers

New York’s minimum-wage workers had more than just the new year to celebrate Monday, with a pay bump kicking in as the clock ticked over to 2024.

In the first of a series of annual increases slated for the Empire State, the minimum wage increased to $16 in New York City and some of its suburbs, up from $15. In the rest of the state, the new minimum wage is $15, up from $14.20.

The state’s minimum wage is expected to increase every year until it reaches $17 in New York City and its suburbs, and $16 in the rest of the state by 2026. Future hikes will be tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, a measurement of inflation.

New York is one of 22 states getting minimum wage rises in the new year, according to a recent report by the Economic Policy Institute.