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Reason for 5% Wage Increase – Minimum Wage & Social Security Increasing NYS Minimum wage increases from $14.20 to $15.00 (5.6% increase) effective 12/31/23 Social Security cost of living adjustment (COLA) was 8.7% for 2023 based on CPI data (largest increase in 42 years). 2024 is estimated at 3.2% which would add roughly $57 to monthly benefits Minimum wage increases beginning in 2027 The legislation enacted May 3, 2023 provides that minimum wage increases beginning in 2027 will be indexed to the US Department of Labor Consumer Price Index for Urban Wage Earners and Clerical Workers for the Northeast Region (CPI‐W). Specifically, the minimum wage will increase based on a three‐year moving average of the CPI‐W. The state’s Department of Labor will be required to annually publish the adjusted minimum wage rates no later than October 1, for rates effective January 1 of the next year. 50