Most New York employees brought in the New Year oblivious to a minimum wage increase worthy of a midnight toast.
On December 31st the minimum wage for the state increased to $11, for smaller businesses, $10.50. Within this new law lies a requirement that will demand employers to pay certain employees even more.
Originally, employers were bound by law to pay overtime to employees earning approximately $35, 000 per year ($675 weekly), but that didn’t apply to all fields. White collar employees were especially limited by this ceiling. However, the new minimum wage increase, effective December 31st, pushed that cap to $40,000 a year for employers with 10 or fewer employees and $42,000 for employers with more than 10 employees.
In anticipation of the overtime rule passed earlier this year, most companies overhauled their wage infrastructure to reflect the proposed salaries. However, with the recent rejection of that overtime rule by a Texas federal judge, New York employers are now anxious to see what impact this wage increase will have on business.
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Contact Cilenti & Cooper, PLLC for more information on the new minimum wage increase or other pay-related matters in New York. Our firm is centrally located in Manhattan and serves all boroughs including Manhattan, The Bronx, Brooklyn, and Queens.