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According to the taxwatch report floridas minimum wage has increased faster than the federal minimum wage and it will increase on jan.

Arizona minimum wage increase. A florida taxwatch study in september said the measure would create winners and losers and state economists in their fiscal analysis of amendment 2 said raising the minimum wage by 1 annually through 2026 means state and local government costs will increase by 16 million in 2022 to 540 million in 2027. 1 of each year to match inflation. Advertisement the minimum wage in florida will jump to 15 by 2026.

The amendment will raise the minimum wage gradually from 856 to 10 in 2021 and then to 15 by 2026. The living wage is the minimum cost that covers the basic needs of an individual and the needs of their family without government assistance. The minimum wage rate is the lowest hourly pay that can be awarded to workers also known as a pay floor.

Minimum wage workers in florida hoping for a pay raise will soon get their wish. By 2027 if the minimum wage were 15 an hour governments would pay an additional 540 million annually according to the researchers. Floridas minimum wage of 846 or 17600 per year for a full time employee is not a livable wage for many of the 200000 hard working floridians that earn it especially those working to.

The florida office of economic and demographic research estimated that government budgets would have to pay 16 million more in wages in 2022. A constitutional amendment that would raise the baseline wage to 15 by 2026 had support from nearly 61 of voters.

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