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The minimum wage in New York is set to rise in all areas of the state on Jan. 1. The wage will increase to $15 an hour for all of Upstate New York and $16 an hour in New York City and the counties of Westchester, Nassau, and Suffolk, according to Governor Kathy Hochul and the state Labor Department. That’s an increase of 5.6% over the current minimum wage of $14.20 an hour in Upstate New York. The hike will translate into an extra $32 a week for a full-time worker in a minimum-wage job. As part of the FY 2024 Budget, Governor Hochul announced earlier this year an agreement to increase New York’s minimum wage through 2026 and then index it to inflation beginning in 2027. After the initial increase, the minimum wage will increase by $0.50 in 2025 and 2026. In 2027, the minimum wage will increase annually at a rate determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the Northeast Region.