The Florida Department of Economic Opportunity (DEO) announced an increase of the Florida minimum wage to $8.05 per hour effective January 1, 2015.
The new rate of $8.05 per hour represents a 1.5 percent increase over the previous rate of $7.93. The minimum wage for tipped employees in Florida is $5.03 beginning January 1, 2015.
Why Does the Florida Minimum Wage Keep Changing?
Florida adjusts the state minimum wage annually based on the Consumer Price Index (CPI) as part of the Florida Minimum Wage Act. Since 2005 when Florida began indexing its minimum wage rate for adjustments due to inflation, the rate has increased an average of fifteen cents per year.
Indexing the State’s minimum wage rate for inflation does not necessarily guarantee a minimum wage increase each year. Florida’s minimum wage remained the same for three years beginning in 2009 when Florida’s rate defaulted to the Federal minimum wage rate of $7.25.
Minimum Wage in Florida and the South
Florida is the only Southern state in the U.S. whose minimum wage is higher than the Federal rate. According to a Pew Research study, 6.3 percent of hourly workers in the South make the federal minimum or less. Overall, workers earning a mandated minimum wage are more likely to live in the South than in other regions.
Florida 2015 Minimum Wage Poster
Beginning January 1, 2015, employers with locations in Florida will need to display the most current version of the Florida Minimum Wage posting, which is required for all employers. The posting along with others required for employers in Florida are part of the GovDocs Florida Compliance Poster Packages. Florida employers can save 20% on all workplace poster purchases using GovDocs coupon code 2015MIN.
The Florida Minimum Wage posting and other required postings are included as part of the GovDocs Florida Compliance Poster Packages that include:
- Unemployment Insurance
- Workers’ Compensation
- Child Labor Law
- Minimum Wage