As most of you know, voters in the state of Florida have approved Amendment 2, which means that Florida will raise the minimum wage gradually to $15 an hour by the Year 2026. Florida is the eighth state in the country that will increase the minimum wage to $15 over the years; other states include California, Maryland, Illinois, New York, New Jersey, Massachusetts, and Connecticut.
Currently, the minimum wage in Florida is $8.65 per hour, but that will soon change as it will go to $10 per hour on September 30th, 2021, then $1 per hour, increasing yearly until 2026. After 2026 the minimum wage will be adjusted annually for inflation.
On the other hand, many employees and businesses support this measure as it could bring financial benefits and stability to many families. Some employers have already raised their minimum hourly wage to $15 and have seen a favorable and enthusiastic effect on employees' workplace, such as higher productivity, better physical and mental health, and improved employee retention, performance, and job satisfaction.
It is essential for businesses to start planning, budgeting, and assessing the effects this increase will have on compensation, overtime pay, workers' comp rates, taxes, benefits, and more.
Tab # 1. The Information Page
Tab # 2. The Projections Sheet