Nyc Cost Of Living Increase 2024. Beginning in 2024, new york state will raise minimum wage to $16 in new york city, long island, and westchester and $15 elsewhere in the state, followed by $0.50 annual increases in 2025. As a result, an eligible retired member with a maximum retirement benefit of $18,000 or more will receive a maximum increase of $27 per month beginning with the sept.

Salary.com’s cost of living calculator lets you compare the cost of. Up 4.1 percent over the year.