Jacksonville, Florida – Employers in many states are getting ready for an increase in the minimum wage as we approach 2024. This upcoming hike is not just a routine adjustment but a well-planned increase that affects 25 states, with special attention to the wage structure in Florida.
The move to increase minimum wages is a response to the growing need for a living wage that aligns more closely with the cost of living. It’s a crucial step towards ensuring that workers receive fair compensation for their labor.
In Florida, this change is particularly notable. The state has already surpassed the federal minimum wage of $7.25 per hour and is moving towards a more substantial wage for its workers.
Back in September 2023, Florida voters and the legislature passed an amendment that set in motion a series of yearly increases in the minimum wage. This decision was cemented on November 3, 2020, when Florida voters approved a state constitutional amendment. This amendment is not just a one-time increase but a structured plan to gradually raise the minimum wage each year until it hits $15 per hour by September 30, 2026.
The implementation of these increases is carefully calibrated to account for inflation, ensuring that the purchasing power of workers doesn’t diminish over time. As of September 29, the minimum wage in Florida was $11 per hour, but it took a leap to $12 per hour on September 30. Likewise, the minimum wage for tipped employees saw an increase from $7.98 to $8.98 per hour.
Looking ahead, these increments are set to continue. From September 30 next year, standard minimum wage workers will earn $13 per hour, and tipped employees will make $9.98. By 2025, these rates will rise to $14 and $10.98, respectively. Finally, in 2026, the standard minimum wage will reach its goal of $15 per hour, with tipped employees earning $11.98.
This amendment doesn’t just stop in 2026. It includes provisions for future increases based on inflation. This approach aims to maintain the real value of earnings, ensuring that the wage of $15 per hour, effective until December 31, 2027, keeps pace with the cost of living. From 2028 onwards, these adjustments will be indexed based on inflation, reflecting a dynamic and responsive wage policy.
The states that will see an increase in the minimum wage in 2024, along with Florida, are: Alaska, Arizona, California, Colorado, Connecticut, South Dakota, Delaware, Hawaii, Illinois, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, Rhode Island, Ohio, Oregon, Vermont, and Washington.
