The New Wage in Florida from September 30, 2023: Impact on the Miami Real Estate Market

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Find out how Florida's minimum wage increase starting in September 2023 will affect Miami's economy and real estate market. Learn the details of this Amendment and how to prepare for its changes.

The working class of Florida is about to experience a significant change in their income starting from September 30, 2023, thanks to Amendment 2. In this article, we will discuss how much the minimum wage in Florida will increase in 2023 and how this change could impact the Miami real estate market.

What Will the Minimum Wage Be in Florida in 2023?

The federal minimum wage in the United States has remained at $7.25 per hour for over a decade, but each state has the authority to set its own minimum wage, either through legislation or by adjusting it according to inflation. In Florida, citizens approved Amendment 2 in the November 2020 elections, which initiated a gradual increase in the minimum wage until 2026. In 2022, the minimum wage was $8.65 per hour, and starting from September 30, 2023, it will increase to $12.00 per hour. For tipped employees, the minimum wage will be $8.98.

This increase will not only affect workers but will also have implications for the Miami real estate market. As workers earn more, it is likely that some will consider the possibility of buying homes or moving to more expensive areas of the city.

The Scale of Wage Increases in Florida Until 2026

The gradual increase in the minimum wage in Florida will continue until it reaches $15 per hour on September 30, 2026. However, this process has not been met with enthusiasm by all businesses, as they argue that the pandemic has negatively affected their finances. Here is the complete scale:

  • 2022: minimum wage increased to $11 per hour.
  • 2023: minimum wage will increase to $12 per hour.
  • 2024: minimum wage will increase to $13 per hour.
  • 2025: minimum wage will increase to $14 per hour.
  • 2026: minimum wage will increase to $15 per hour.

Once Florida's minimum wage reaches $15 per hour in 2026, this measure will remain in effect until December 31 of that year. Starting in 2027, the amount will be adjusted annually according to the national inflation index.

What Are the Penalties for Not Paying Minimum Wage in Florida?

It is important for employers to comply with the new wage regulations, as the consequences of not doing so can be costly. If an employer is found guilty of intentionally violating the minimum wage requirements, they may face a fine of $1,000 for each violation, which must be paid to the state. The Attorney General or another official designated by the Legislature can take legal action to enforce these requirements.

More Information on the Minimum Wage in the United States

At the federal level, the minimum wage in the United States has been $7.25 per hour for a decade. However, there are exceptions for certain groups, such as workers with disabilities, full-time students, young people under 20 years old in their first three months of employment, and student apprentices.

It is important to note that most employers in Florida are subject to both federal and state minimum wage laws. Additionally, local entities, such as cities and counties, may set their own minimum wages for employees working within their jurisdictions. When there are conflicting requirements in the laws, the employer must comply with the stricter standard in favor of the employee.

In summary, the increase in the minimum wage in Florida will have a significant impact on the economy and the Miami real estate market. As workers earn more, we may see changes in the demand for housing and the dynamics of real estate investment in the city. Stay informed about these changes to make informed decisions in the Miami real estate market!

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