New York is one of the few cities that has a minimum wage higher than the federal minimum of $7.25 per hour. The last and most recent increase in minimum wages for New Yorkers occurred in 2024.
However, it is not new that in the busy North American city there are small positive changes in employee salaries, as increases have been gradually implemented. This latest boost to wages has raised the hourly rate to $15.00, previously it was $14.20.
Although the increases are widely celebrated by workers, they do not hide the fact that New York is among the most expensive cities in the country.
Minimum wage in New York vs. cost of living
All employers are required to pay $15.00 per hour worked, regardless of the sector. On the other hand, overtime for workers was set at $21.00.
These increases simply seek to counteract what is explained, Bank of Americawhich places the Big Apple with the highest housing costs, reaching an average of USD 2,494 per month, only surpassed by San Francisco with USD 3,001.
Despite this, and even with this increase, A worker who does not work overtime will earn approximately USD 2,240 per montha figure that is still lower than the average cost of housing in the city.
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2024-07-05 02:49:18