Florida's minimum wage to rise in January
For those working minimum wage jobs, prepare to see a slight boost in your paychecks come 2015.
Starting Jan. 1, the minimum wage in Florida will be raised to $8.05 per hour – a 12 cent increase. Tipped employees won't be left out either, as the tipped wage will rise to $5.03 per hour. The boost will make Florida nearly a dollar above the federal minimum wage, which currently sits at $7.25 per hour.
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The change comes after a voter-approved amendment was passed in 2004. It mandates the hourly wage be adjusted each year for inflation. In the past 10 years, the minimum wage has risen nearly $3.
Florida is one of 20 states raising its minimum wage in January.
The change comes after the latest job figures show another statewide drop in unemployment. The latest report, issued for November, shows the unemployment rate at 5.8 percent, which is a drop from the 6 percent reported in October. Over the past year, the unemployment rate has dropped a total of .7 percentage points.
"The November jobs report was a strong finish to a year that saw Florida's labor market continue to strengthen," UCF economist Sean Snaith said in a release. " ... There is some economic turbulence on the horizon, so there will be bumps ahead, but Florida's economy is poised well for 2015."