On November 3, 2020, Florida voters approved an amendment to Florida’s constitution to gradually increase the state’s minimum wage to $15.00 per hour by 2026. Today, Florida’s minimum wage will rise to $10.00 per hour. Moving forward, every September 3th, the minimum wage will increase $1.00 per hour through 2026, until it reaches $15.00. Beginning 2027, the minimum wage will be adjusted annually for inflation.
Why it matters to your business
Businesses should ensure that they implement policies to ensure that they are meeting the $10 dollar minimum wage threshold this year ($6.98 for tipped workers), are meeting increased overtime hourly rates as a result of the minimum wage increase, and begin to plan for annual increases through 2026.