New York credit union leaders are reminded that the state’s minimum wage and salary level threshold for determining exempt employee status will increase throughout the state, except in New York City, on Dec. 31, 2021, and should act soon to ensure they are prepared.
Minimum wage increases
Minimum wages on Long Island and in Westchester County will increase from $14 per hour to $15 an hour, while wages throughout the remainder of the state will increase from $12.50 per hour to $13.20 per hour, according to the New York State Department of Labor.
Annual increases will continue until the rate reaches $15 minimum wage throughout the state, with the annual increases published by the state commissioner of labor on or before Oct. 1, and as reported by the director of the Division of Budget. The changes will reflect percentage increases based on economic indices, including the Consumer Price Index. This year’s report can be accessed on the state Department of Labor website.
The statewide $15 minimum wage was enacted as part of the 2016-17 state budget, with the first series of wage increases going into effect Dec. 31, 2016. Wages for large (11 or more employees) New York City employers have been at $15 per hour since Dec. 31, 2018, while wages for small (10 or fewer employees) New York City employers have been at $15 per hour since Dec. 31, 2019, therefore, no additional increases have been announced for New York City employers to date.
Salary level threshold increases
The salary level threshold for exempt employees in the administrative and executive exemption categories will increase on Long Island and in Westchester County from $1,050 per week to $1,125 per week and from $937.50 to $990 in the rest of the state. The salary level threshold for both large and small New York City employees is currently $1,125 per week, with no additional increases announced.
For more information about minimum wage and salary level threshold increases, contact Chris Pajak at email@example.com or (800) 342-9835, ext. 8188.