It’s 2024, and with the new year comes another increase in the minimum wage in New York state. Be sure that all of your employees are earning at least $16 per hour in New York City, Long Island and Westchester; and $15 in the rest of upstate New York. Details can be found on NYS Department of Labor’s minimum wage site. Also note that the state has scheduled minimum wage increases of $0.50 each year on January 1, 2025 and 2026. After that, increases will be determined by the state government each year based on data from inflation indexes.
Of course, January 1, 2024 also brought the first scheduled decline in the farm employee overtime threshold. Overtime for farm employees now begins at 56 hours each week. Eligible farm employers will be able to apply for the Farm Employer Overtime Tax Credit to help offset the cost of the overtime premium. Both the state Departments of Agriculture and Markets, and Tax and Finance have set up webpages to help explain this new tax credit and how to apply for it.
- NYS Department of Agriculture and Markets: Farm Employer Overtime Credit Advance
- NYS Department of Tax and Finance: Farm Employer Overtime Credit
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By Richard Stup, Cornell University. Permission granted to repost, quote, and reprint with author attribution.
The post 2024 Minimum Wage Increase and Overtime Tax Credit appeared in The Ag Workforce Journal.
