Finance

Minimum wage rises to $10.40 an hour on path toward $15

Minimum wage rises to $10.40 an hour on path toward $15

The new figure will be set at €9.55 per hour - an increase of 30c per hour.

As a broader minimum wage increase for NY workers goes into effect Sunday, fast-food workers in the state will be getting a raise, too. Of the 13 states that raised their minimum wage in 2014, 12 saw employment growth.[4] When employees believe they are being adequately compensated for their hard work, businesses see better productivity and decreased turnover.

Starting Monday, small companies - those with 25 or fewer employees - will have to pay workers at least $10.50 an hour, up from $10. At the time the law passed, the country's first minimum wage was $0.25 per hour.

Gov. Andrew Cuomo signed legislation - passed in 2016 - giving a minimum wage increase to workers employed by big businesses each year until it reaches $15 by December 31, 2018.




"By moving to a $15 statewide minimum wage and enacting the strongest paid family leave policy in the nation, ny is showing the way forward on economic justice", said Cuomo. The 50-cent increase translates to an extra $1,040 per year.

Gov. Andrew Cuomo included the wage increase in the 2016 Built To Lead Agenda. The increase will be phased in over a longer period for workers in the rest of the state. Fast-food employees in the rest of the state will get a $1 raise, from $10.75 to $11.75 an hour.

"In many cases, our employers are paying beyond minimum wage", he said. Lawmakers later changed the law to only require employers to make up the difference when tips don't exceed the minimum wage.

Beginning New Year's Day, a new family leave policy will take effect, allowing job-protected paid time off for new parents, caretakers, and family members of active military personnel serving overseas.