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Minimum Wage in Florida 2024 – What Are the New Rates?

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.

Let’s break down what you need to know about your paycheck in the Sunshine State this year.

Current Minimum Wage Rates

Minimum Wage Rates

First off, let’s get straight to the point. As of September 30, 2023, the minimum wage in Florida got a bump.  We’re now looking at $12 per hour for most workers.

That’s right, an extra dollar in your pocket for every hour you work compared to last year, as per the U.S. Department of Labor. Come September 30, 2024, it’s going up again, hitting $13 per hour.

Tipped Employees

If you’re working for tips, there’s good news for you, too. Tipped employees have seen their minimum wage rise from $7.98 to $8.98 per hour starting September 30, 2023.

And it’s going to increase to $9.98 per hour on September 30, 2024. So, whether you’re a server, bartender, or valet, your base pay is getting a boost.

A Brief History Lesson

How the wage increases

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

Payroll - Check -Wages

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.

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.

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