It’s time to chat about everyone’s favorite topic: money. Specifically, the minimum wage in Florida for 2024.
It doesn’t matter if you’re flipping burgers, serving up lattes, or hustling at a retail job, this info is very important, so pay attention.
Starting on September 30, 2024, Florida’s minimum wage rose to $13.00 per hour, with the required cash wage for tipped employees increasing to $9.98.
Let’s break down what you need to know about your paycheck in the Sunshine State this year.
The Latest News Regarding Florida Minimum Wage
According to Click Orlando, Florida’s minimum wage effectively rose in September, marking the fourth consecutive year of increases. This change stems from a 2020 voter-approved amendment to raise the state’s minimum wage.
The previous minimum wage was $12 an hour for non-tipped employees and it increased to $13, while tipped employees‘ minimum wage rose from $8.98 to $9.98. The wage hikes will continue annually until reaching $15 an hour for non-tipped workers by 2026.
Florida is part of a broader trend in the U.S., where several states have been raising their minimum wages to match increasing living costs. For comparison, the highest minimum wage in the U.S. is currently $17 in the District of Columbia, according to Statista.
A Brief History Lesson
Let’s take a quick step back. The last significant change before this recent series of increases was way back in 2008. At that time, the minimum wage was raised by $4.21.
Fast forward to November 3, 2020, Florida voters decided it was time for a change and approved a constitutional amendment to bump up the minimum wage each year.
This ballot proposal, known as Amendment 2, set the stage for the current yearly increases. Here’s how the wage increases have rolled out since then:
- 2021: $10.00 per hour
- 2022: $11.00 per hour
- 2023: $12.00 per hour (effective from September 30, 2023)
- 2024: $13.00 per hour (effective from September 30, 2024)
- 2025: $14.00 per hour
- 2026: $15.00 per hour
And it’s not just for tipped workers either. Every September 30, the minimum wage goes up by $1 per hour until it hits that magic number of $15 in 2026.
Tipped Wage Increases
Here’s how the tipped wage increases have lined up:
- 2021: $6.98 per hour
- 2022: $7.98 per hour
- 2023: $8.98 per hour (effective from September 30, 2023)
- 2024: $9.98 per hour (effective from September 30, 2024)
- 2025: $10.98 per hour
- 2026: $11.98 per hour
What Employers Need to Know
If you’re an employer in Florida, it’s crucial to keep up with these changes. Every worker needs to be paid at least the hourly state minimum wage for all hours worked. No exceptions.
If you fail to do so, you might find yourself in hot water with a civil action on your hands.
Wage Compliance Checklist
- Update payroll systems to reflect the new rates.
- Inform employees about the wage increase.
- Ensure all tipped employees receive their appropriate minimum wage plus tips.
- Monitor compliance regularly to avoid legal issues.
Why the Change?
You might wonder why Florida keeps bumping up the minimum wage. The goal is to provide a living wage that keeps pace with inflation and the rising cost of living.
As rent, groceries, and other essentials get more expensive, the idea is that wages should follow suit to ensure that workers can meet their basic needs.
Also, higher employment rate and better living standards are reducing total number of crime rates.
The Economic Impact
Increased wages can lead to more disposable income for workers, which means more spending in the local economy. It can also help reduce poverty and reliance on public assistance programs.
However, there’s also the concern that higher wages might lead to increased costs for businesses, which could result in higher prices for consumers or reduced employment opportunities.
Looking Ahead
What does the future hold? Well, come September 30, 2025, the minimum wage will hit $14 per hour, and by September 30, 2026, it will reach $15 per hour.
That’s the end goal set by Amendment 2, but it doesn’t mean the increases will stop there. The wage will continue to be re-evaluated based on inflation and other economic factors.
Key Dates to Remember
- September 30, 2024: Minimum wage increases to $13 per hour.
- September 30, 2025: Minimum wage increases to $14 per hour.
- September 30, 2026: Minimum wage increases to $15 per hour.
Summary
The minimum wage changes in Florida are a big deal for workers and employers alike. It’s about ensuring fair pay and keeping up with the cost of living.
So, if you’re working hard at a job or running a business, keep these dates and figures in mind. The changes are here to stay, and it’s best to be prepared.
