On January 1, 2024, changes regarding minimum wage and minimum salaries for exemption in New York State came into effect. What you need to know:

Minimum Wage Adjustments

Let's start with the basics – the minimum wage. If you have employees in New York City, Nassau, Suffolk, or Westchester counties, be aware that the minimum hourly wage has risen to $16 in 2024. In other areas of the state, the new minimum wage is $15 per hour. It's a positive move towards acknowledging the rising costs of living and ensuring that every hardworking individual receives a fair wage.

Minimum Salary for Exemption

For those with executive or administrative employees, there's an important change in the minimum salary for exemption. In New York City, Nassau, Suffolk, and Westchester counties, the minimum weekly salary is $1,200 ($62,400 annually). In other areas of the state, it is slightly lower at $1,124.20 per week ($58,458.40 annually). It's essential for both employers and employees to be aware of these adjustments to ensure compliance with the updated regulations.

No Salary Minimum for Exempt Professionals

It's worth noting that exempt professionals do not have a specific salary basis or minimum requirement. However, it's always good practice for employers to stay informed and updated on any changes that might affect their employees' work arrangements.

Additional Adjustments

The changes don't stop there – several other thresholds see increases in 2024. These include allowances for meals, lodging, and utilities, as well as adjustments to tip credits and uniform maintenance pay. These adjustments are designed to keep pace with the evolving economic landscape and ensure that workers are fairly compensated for their contributions.

Where to Find More Information

If you're eager to delve into the nitty-gritty details of these changes, the proposed regulatory text reflecting all the increases can be found here. Familiarizing yourself with these specifics will help ensure that your business is in compliance and that your employees are compensated appropriately.

Codification Details

These changes are officially codified in 12 NYCRR Parts 141 (Building Service Industry), 142 (Miscellaneous Industries), 143 (Certain Nonprofit Making Institutions), and 146 (Hospitality Industry). Understanding these codes can help you navigate the regulatory landscape more effectively.

Staying informed is the key to making sure your business is in compliance and operates smoothly under these updated regulations.