And along with that raise comes fare hikes for passengers.
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The Taxi and Limousine Commission voted Tuesday to raise the base fare from $2.50 to $3.
After that, the rate riders will pay for every 1/5th of a mile goes up from 50 to 70 cents.
The rush hour and overnight surcharges are going up as well, along with the flat rates to all three major airports.
For example, it will cost you an extra $18 before tip to take a taxi from JFK into Manhattan.
The average ride will cost you about 23% more.
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The good news for taxi drivers is that their gross income should rise by 33%
Officials say ride demand remains high, but with high gas prices and inflation many of the city's taxis remain parked.
"The financial compensation just isn't there," said TLC Policy Assistant Commissioner James DiGiovanni. "So if drivers were paid more, then there would be more financial incentive for drivers to get back on the road, for medallion owners to put their vehicles back on the road and for garages to get their vehicles back on the road."
The commission also voted to raise base pay for Uber and Lyft drivers.
The rate hikes are expected to go into effect by the end of the year.
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