Workers are getting a pay raise in the Sunshine State.
Florida officials have increased the minimum wages to $10 an hour earlier this week. Compared to the previous $8.65 an hour, this is a significant raise. Florida still ranks 32nd on the list of best states for work.
However, is this payrase good for Florida's economy? And more importantly, is it good for you?
Let's break it down.
More than 20 states increased their mandatory minimum wages in 2021
Florida was among the last states to change its minimum wage this year. Most other states have increased wages for workers back in January.
With that said, Florida has made a significant jump from the previous $8.65 to $10 an hour, marking almost a 20% change in minimum salary. This means that Florida employees can't pay you below $10 for an hour of your time.
Cashiers working 37.5 hours a week (national average) at McDonald's' checkout shouldn't get less than $400 a week before tax, which would work out as $18,010 with no overtime.
Too little, too late
Sadly, the bump in the mimum wages still falls short of the living wages needed for an individiual to make ends meet. An individual has to earn at least 30,825 a year for a dignifying life. Working on a minimum salary in Florida can't help you get there if you job is the only source of income.
The state officials have promised to continue raising the minimum wages until they hit $15 an hour in 2026. So far, everything seems to be on course for 2026.
But there's more concerning news here. If you take the rising inflation into consideration, you might not earn much more than you're already earning. Sure, the numbers could be different, but you would not be able to affort more food, better housing, or save more money.
Another concern is that workers could get fewer hours working the minimum wage. Companies may need to raise prices and employ fewer people. Raising the minimum wage has a minimum impact on income equality, according to James Sherk, a Senior Policy Analyst in Labor Economics at The Heritage Foundation.
However, the silver lining is here. Aproximately 200,000 workers earn minimum wages compared to the overall 10.4 million employees. This makes for less than 2% of Florida's workforce.
Minimum wage jobs should be transitory, something that helps you find a footing in the workforce.
What is your opinion on the change in Florida's minimum wage?
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