TOP DRAWER ARTICLE
Florida's Minimum Wage Update
by
HL Carpenter
For Florida employers and employees, there's bad news, good news and news that could be either, depending on your point of view.
The bad news: As of April, the unemployment rate for the Sunshine State was still hovering above 10%.
The good news is that's the lowest number since 2009.
And here's the "either" news: The minimum wage went up on June 1. The new hourly rate of $7.31 will increase paychecks by six cents an hour. For tipped employees, the direct wage (less the tip credit) starts at $4.29 per hour.
Under Florida law, the minimum wage rate is calculated and adjusted once each year. The calculations are based on the US Consumer Price Index for the South Region.
Federal standards for public and private employment are set by the Fair Labor Standards Act, which mandates that workers, unless otherwise exempt, be paid at least the federal minimum wage. That rate has been $7.25 per hour since July 2009. When you're subject to both state and federal minimum wage laws, you get the higher amount.
The US Department of Labor, as well as Florida law, requires employers to post minimum wage notices, and a poster, in places that can be easily seen by employees.
Originally published June 2011.
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HL Carpenter, an experienced investor and a CPA, specializes in reader friendly financial and tax topics for individuals and small businesses, and publishes Top Drawer Ink, a newsletter that's chock full of humor and common sense information.
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This information should not be considered legal, investment or tax advice. Top Drawer
Ink Corp. does not provide legal, investment or tax advice. Always
consult your legal, investment and/or tax advisor regarding your
personal situation. |
Last update: June 4, 2011
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