Current Minimum Wage in New York
The minimum wage in New York is $15.50 per hour as of 2026. This is $8.25 above the federal minimum wage of $7.25/hr.
Wage Breakdown
| Pay Period | Gross Pay | Hours |
|---|---|---|
| Hourly | $15.50 | 1 |
| Daily (8 hours) | $124 | 8 |
| Weekly | $620 | 40 |
| Biweekly | $1,240 | 80 |
| Monthly | $2,687 | ~173 |
| Annual | $32,240 | 2,080 |
Tipped Employee Wage
Tipped workers in New York can be paid a cash wage of $10.35/hr, with the expectation that tips make up the difference to the full $15.50/hr minimum. If tips don't bring total compensation to the minimum wage, the employer must make up the difference.
Scheduled Increases
$15.50 (2025), $16.00 (2026), then CPI adjustments. NYC: $16.50.
Living Wage vs. Minimum Wage
Federal Poverty Line (single)
$15,060/year
Minimum wage is $17,180 above poverty line
Estimated Living Wage (NY)
~$20.94/hr
Based on cost of living index (123.2)
Cost of Living Context
New York's cost of living index is 123.2 (national average = 100). This means living in New York is 23.2% more expensive than the national average. The median hourly wage in New York is $24.82/hr, which is 60% above the minimum wage.
Key Facts
NYC and surrounding counties have higher rates ($16.50). Phasing increases statewide with CPI after 2027.
How This Compares
| Metric | NY | Federal | Highest (WA) |
|---|---|---|---|
| Minimum Wage | $15.50 | $7.25 | $16.66 |
| Tipped Wage | $10.35 | $2.13 | $16.66 |
| Annual (FT) | $32,240 | $15,080 | $34,653 |
Useful Resources
New York Average Salary
Median income and top employers in NY
New York Tax Rates
Income, sales & property tax in NY
Salary Calculator
Convert hourly to annual, weekly, monthly
Paycheck Calculator
Estimate take-home pay after taxes