Florida Minimum Wage Increase 2024
As of September 30th, 2024, Florida's minimum wage will increase to $13.00 per hour, with the minimum wage for tipped employees rising to $9.98 per hour. This change is part of Florida’s ongoing effort to raise the state minimum wage incrementally, following the voter-approved amendment to reach $15.00 per hour by 2026.
What You Must Do & When:
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Update Payroll Systems: Ensure your payroll system reflects the new minimum wage of $13.00 per hour and $9.98 per hour for tipped employees by September 30th, 2024.
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Review Employee Wages: Conduct an audit of all employee wages to ensure compliance with the new rates, particularly for employees who are currently earning close to the existing minimum wage.
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Communicate Changes: Notify your employees of the upcoming wage increase and any adjustments that will affect their paychecks starting September 30th.
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Adjust Budgets: Recalculate your labor costs and adjust your budget to accommodate the wage increase.
Why You Must Do It:
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Legal Compliance: Failure to comply with the new minimum wage law can result in penalties, fines, and potential legal action. Staying updated ensures that your business remains in compliance with state regulations.
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Employee Satisfaction: By proactively adjusting wages and communicating these changes, you maintain trust and transparency with your workforce, which can lead to higher morale and retention.
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Operational Efficiency: Addressing these changes before the deadline will prevent payroll errors and avoid the administrative burden of retroactive pay adjustments.
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Public Image: Demonstrating compliance with wage laws reflects positively on your business, strengthening your reputation as a responsible employer in the community.