Florida's Minimum-Wage Increase Not Meant To Raise Incomes
Florida’s minimum wage will be going up Jan. 1, but the increase won’t necessarily put more money in the pockets of minimum wage workers. The 12 cent increase from $7.93 an hour to $8.05 an hour is not meant to increase wages, it’s just supposed to make sure wages aren’t decreasing due to inflation.
The new Florida minimum wage is almost a dollar more than the federal minimum wage, but still not the $10.10 President Obama was championing for all workers last year.
Each September, the Florida Department of Economic Opportunity calculates what the minimum wage should be based on the changing price of goods and services.
Florida’s new minimum wage translates to roughly $16,500 in yearly income per worker, which is less than the federal poverty line for a family of three.