Update 2: a function to customize frame ticks:
ClearAll[ticksF];
ticksF[majorminor_List: {5, 5}, mjrtcklngth_: {.01, 0.}, exmpl_: "-.500",
nmbrfrm_: {3, 2}][min_, max_] := Module[{majordivs, minordivs},
{majordivs, minordivs} = Switch[Head[majorminor[[1]]],
List, majorminor,
_, FindDivisions[{min, max}, majorminor]];
Join[{#, "", mjrtcklngth/2.} & /@ DeleteDuplicates[Flatten[minordivs]],
{#, Overlay[{Invisible[exmpl],
Switch[Sign[nmbrfrm[[2]]],
0, IntegerPart[N@#],
-1, "",
_, NumberForm[N@#, nmbrfrm]]},
Alignment -> Right], mjrtcklngth} & /@ majordivs]]
Usage examples:
Plot[Sin[x], {x, 0, 2 \[Pi]}, Frame -> True, Axes -> False,
BaseStyle -> 18, ImageSize -> 500,
FrameTicks -> {
{ticksF[{Range[-1, 1, .2], Range[-1, 1, .05]}, {0.02, 0.}, "", {0, -1}],
ticksF[]},
{ticksF[{7, 5}, {0.01, 0.}, "5", {3, 0}],
ticksF[{7, 1}, {0.01, 0.}, "500", {3, 2}]}}]

Plot[Sin[x], {x, 0, 2 \[Pi]},
Frame -> True, Axes -> False, BaseStyle -> 18, ImageSize -> 500,
FrameTicks -> {
{ticksF[{Range[-1, 1, .2], Range[-1, 1, .05]}, {0.02, 0.}, "", {0, -1}],
ticksF[{Range[-1, 1, .2], Range[-1, 1, .1]}]},
{ticksF[{7, 5}, {0.01, 0.}, "5", {3, 0}],
ticksF[{7, 1}, {0.01, 0.}, "500", {3, 2}]}},
FrameTicksStyle -> {Directive[Green, Thick, FontWeight -> Bold, FontColor -> Purple],
Directive[Red, Thickness[Large]], Automatic,
Directive[Brown, Bold]}]

rightTicks = {#, Pane[NumberForm[N@#, {3, 2}], 45, Alignment -> Right]} & /@
Range[-1, 1, 2/8];
Plot[Sin[x], {x, 0, 2 \[Pi]}, Frame -> True, Axes -> False, BaseStyle -> 18,
ImageSize -> 500, FrameTicks -> {{None, rightTicks}, {Automatic, None}}]

or, replace rightTicks by rightTicks2, where
rightTicks2 = {#, Framed[NumberForm[N@#, {3, 2}], Alignment -> Right,
ImageSize -> 50, FrameMargins -> 0, FrameStyle -> None]} & /@ Range[-1, 1, 2/8];
In both cases, one needs to manually adjust the image size of the container.
Update: another trick using Overlay and Invisible:
rightTicks3 = {#, Overlay[{Invisible["-0.75"], NumberForm[N@#, {3, 2}]},
Alignment -> Right]} & /@ Range[-1, 1, 2/8]
-to the positive ticks... – rm -rf♦ Feb 12 at 1:06