New York State's minimum wage will likely see ANOTHER massive increase in the next few years. Lawmakers are looking at upping the minimum wage to jump significantly to $21.25.

In New York State, two legislative proposals call for tying the minimum wage to inflation. The Raise Up NY bill sponsored by Sen. Jessica Ramos (S3062D/A7503C) would require the minimum wage to progressively increase to $17.25 in 2024, $19.25 in 2025, and $21.25 in 2026", according to the New York Comptroller

Here is the breakdown of minimum wage increases because the increases are different per region.

2024 New York City area: $17.25

2024 All of New York State cities: $16.00

2025 New York City area: $19.25

2025 All of New York State cities: $18.00

2026 New York City area: $21.25

2026 All of New York State cities: $20.00

2027 New York City area: $21.25

2027 All of New York State cities: $21.25

For reference, the minimum wage in New York State right now is $13.20.

How much money does one family need to survive? What is actually ENOUGH money? I found some interesting data that may be eye-opening, or at least interesting to you. According to the Economic Policy Institute:

For comparison, two adults working full time earning a minimum wage of $21.25 per hour would earn $88,400—significantly closer to the Family Budget Calculator’s threshold for these counties than under the current minimum wages ($54,912 at $13.20 an hour and $62,400 at $15 an hour), but still short of real economic security.

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