Three new programs were announced today by Governor Kathy Hochul to assist millions of New Yorkers in regaining their financial security.
Governor Hochul has backed new laws being enacted this week, including the nation’s first paid prenatal leave law, an increased minimum wage, and a ban on insulin co-pays for state-regulated insurance plans.
In addition to proposing the first-ever inflation rebate, Governor Hochul has prioritised addressing New York’s affordability dilemma. He will continue to raise the issue during this year’s State of the State address. These new programs would put an extra $2,500 in the pocket of a pregnant woman with diabetes who works minimum wage.
1- Minimum Wage
Governor Kathy Hochul secured a revolutionary strategy in the FY2024 budget to help low-income New Yorkers keep up with the rising cost of living. The approach involves raising the minimum wage in New York for three years and then tying subsequent increases to inflation.
On January 1, 2024, the state minimum wage rose to $15 in all other parts of the State and $16 in New York City and the counties of Nassau, Suffolk, and Westchester. It is expected to rise by $0.50 annually on January 1, 2025, and January 1, 2026.