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Business owners, organizations and corporations must stay updated and compliant with minimum wages in Florida to avoid any legal issues. Staying aware and updated helps to plan better for the future of business. Minimum wages in Florida are closely linked to the cost of living and inflation rate in Florida so everyone can afford a standard of living. These minimum wages increase annually based on the inflation rate in the economy and measured by the Consumer Price Index.Â
The minimum wage for all employees paid on an hourly basis is $12 per hour (applicable from September 30,2023) irrespective of company size. This rate is revised on September 30 every year by 1$ until it reaches $15 on September 30, 2026. This rate is more than the federal minimum wage of $7.25. In November 2020, people in Florida voted to raise the minimum wage by $1 every year till it reaches $15. The minimum wage applies to most of the employees in Florida with some exceptions. Those workers who work over 40 hours per week are entitled to a minimum of 1.5 times of regular applicable wages.Â
There are certain exemptions for Florida minimum wages and you are paid minimum wages if you fall in the category:
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In Florida, the minimum wage rate is revised annually as per the inflation rate of the state. Big businesses and corporations can tackle the rise in minimum wages but it becomes difficult for small business owners to tackle the rising minimum wage of employees.
To tackle the rising wages here are some ways they can consider:
1. Right hiring- It is necessary to ensure that small businesses hire make the right hiring decisions. Replacing an employee costs a lot for the employer. Before hiring make sure that the employee is a good fit for your business. After completing the onboarding process it is necessary to maintain healthy relationships. Moreover, it is necessary to provide a clear path of growth and success to the employees so that they are likely to stay long with your business.
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2. Increase the price of product/service- One of the other ways to tackle the rising minimum wage is to increase the price of the product/service in which the business deals. But it’s necessary to stay with the market trends and the rise should be optimal.
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3. Recheck your expenses- Before making hiring decisions it’s necessary to recheck the financial statements of the business. Sometimes hiring temporary or contractual employees proves to be less costly as compared to hiring full-time employees.
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Using the above methods small businesses can tackle the increase in minimum wages.Â
The minimum wage in Florida from September 2023 is $12 per hour. There will be an annual increase of $1 in minimum wages.
Full-time high school students and part-time college students are paid a minimum wage of $11.05 per hour.
Employers in Florida have to pay a minimum of $4.25 per hour to 18 years old and minor for first 90 days of employment.