Is there a law that prohibits dispersing wages in the form of shift pay or per diem pay as opposed to an hourly wage for labor?
If this is legal, must the hourly breakdown be the equivalent of or exceed the mandatory hourly wage in NY?

A lot more information would be needed to answer this question. Under federal law (FLSA) all employees are either Exempt or Non-Exempt. Most Non-Exempt employees must be paid minimum wage and overtime, although there are a bunch of industry specific exceptions. You are asking the sorts of questions generally associated with Non-Exempt employees, so presumably you are Non-Exempt. However, Per Diem per se is a safe harbor method of expense reimbursement and is not wages if the rules are followed (IRS pub 1542). Shift pay is normally a higher wage of pay associated with working unfavorable hours of employment. There is no legal requirement that shift pay occur, and there is nothing in shift pay that would alter an otherwise existing requirement to pay minimum wage.

- What line of work is your employer in?
- What duties do you perform?
- Have you ever been paid overtime on your current job?

DAW - there's some add'l. info in this thread by OP that might answer some of your questions: http://www.laborlawtalk.com/showthread.php?t=183422. Betty

I went ahead and answered the other thread. It would be very nice if the posters would not hide bits and pieces of their question in different spots.

Companies disburse funds, not disperse.

This misuse of the term happened twice in one thread over in SHRM's bulletin board. HR professionals should have better command of the language.

Thanks for your response.
I am considered a non-exempt employee.
I am expected to work 24 hour shifts as a hotel innkeeper and the pay rate is $125.00 per 24 hour period. The hourly breakdown would be approximately $5.20 per hour. It is listed on my paystub as 1 hour@$125.00.
Is this legal per NY State law?