Florida’s Department of Economic Opportunity (DEO) is responsible for setting the minimum wage annually based on changes in the Consumer Price Index (CPI) for the previous year in the Southern region of the United States.
Cost of Living (COLA) increase will change Florida state’s minimum wage. This wage will rise 36 cents from the current $7.31 per hour to a new high of $7.67 as of the 1st of January, 2012. If you are in a job that allows tips, but has a lower wage base, you too will get the 36 cent raise, from $4.29 to $4.65 beginning in 2012.
The minimum wage in each state is the lowest wage an employer can pay for one hour of an employee’s work. If the federal wage is higher, that rate prevails; if the state rate is higher, the state minimum wage level is the applicable one. Despite the seemingly age old argument that increasing the minimum wage will rob new workers of the opportunity to work as there will be fewer jobs created, Florida abides by the COLA law implemented by the Florida legislature for annual minimum wage increases. On the brighter side, families who are struggling to survive on minimum wage will see this income bump soon.
Wikipedia explains that not every state even has its own minimum wage. Alabama, Louisiana, Mississippi, Tennessee and South Carolina do not have state wage levels, but instead use the Federal minimum wage levels.
According to the Examiner, an employee making the January 1st minimum wage rate in Florida will earn $1,227.20 each 4 week period while unemployment benefits are a maximum of $275 per week or $1,100 every four weeks. A good incentive to be employed and come off the unemployment rolls.
NOTE: There is an exception. If an employee is hired who is 17 years old or less, the youth minimum wage may be imposed for the first 90 days of employment. In 2011 this is $4.25 per hour. Data for the 2012 was not found when writing this article.