Minimum Wage Increase in This State – Effective Date Announced

The raising of the minimum wage has been a hot topic for years, especially as the economic landscape grows increasingly unstable. Many Americans find their current wages insufficient to meet their needs. Some states are more affected than others, often due to poor economic conditions or a high cost of living paired with low wages. Florida is one such state where employees eagerly await the minimum wage increase. Fortunately, the raise has been announced, and now it’s just a waiting game for its implementation.

Florida

Florida’s new minimum wage of $13 per hour will take effect on September 30, 2024, marking an increase from the current $12 per hour. While this may not seem like a significant hike to some, it is part of a gradual plan aimed at reaching $15 per hour by September 2026, following a constitutional amendment passed in 2020.

This increase is long overdue, especially given that the federal minimum wage in the United States has remained at $7.25 per hour since 2009, without any adjustments for inflation. Although this stagnation hasn’t impacted every worker equally, many states have taken matters into their own hands, implementing their own increases.

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Florida, known for its robust tourism industry and a large Latino population, is one of these states. This increase will significantly impact numerous jobs within hotels and restaurants, sectors often characterized by low wages and high demands.

Minimum Wage in Florida

To ease the transition for businesses, Florida’s wage increase will be implemented in phases with annual increments, starting with the first dollar increase from $12 to $13 an hour in 2024. The following increments are planned:

In 2025, the minimum wage will rise to $14 per hour. In 2026, it will reach $15 per hour, as stipulated by the constitutional amendment. However, not all employees will benefit equally. Tipped employees operate on a different wage scale due to their tips. Even though their wages are above the current minimum, they will also see increases, though their final pay will still lag behind non-tipped employees. For tipped employees, the wage adjustments are as follows:

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• $9.98 per hour in 2024.
• $10.98 per hour in 2025.
• $11.98 per hour in 2026.

Looking Ahead

The state isn’t stopping at 2026. To future-proof the legislation and protect employees, starting in 2028, any further increases will be tied to the Consumer Price Index (CPI). This ensures that wages keep pace with inflation, maintaining employees’ purchasing power.

This long-awaited increase in Florida’s minimum wage is crucial, particularly for the Latino community, which makes up a significant portion of the state’s workforce at lower socio-economic levels. The wage hike aims to improve the economic conditions of workers, reflecting Florida’s commitment to the welfare of its residents.

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