How Florida's Minimum Wage Will Increase To $15 An Hour

November 5, 2020

Although the outcome of the Presidency is still unknown, the majority of Florida voters agreed its time to raise the minimum wage and becomes the 8th state to boost a higher hourly rate. The current minimum wage of $8.56 will be raised to $10 on September 30, 2021 and increased one dollar a year until it reaches $15 on September 30, 2026.  But the wage increases will not stop there. Beginning on Sept. 30, 2027, the state’s plan would be to have an annual adjustment to the state minimum wage based on increases to the Consumer Price Index for Urban Wage Earners and Clerical Workers, which has been the catalyst of increasing the rates prior to Amendment 2 passing Tuesday. The wage hike is expected to impact about 2.5 million workers, which is more than a quarter of the state’s workforce. Opponents of the measure worry that minimum wage increases could negatively impact businesses that are already struggling amid the pandemic. However a survey of small business owners at the beginning of the year found that 57% say these minimum wage increases will have no impact at all on their business in 2020, indicating that they can absorb the cost of the wage increase, sustain any loss in profits and find ways to raise revenue to compensate for the increase on their balance sheets. Florida previously voted to increase the minimum wage to $6.15 an hour in 2004.