2015 Minimum Wage Increase:
2015 Minimum Wage Increase:
Around the country states are starting 2015 with an increase in the minimum wage. In 20 states around the United States minimum wage has been increased by various amounts, with Alaska poised to increase their minimum wage in February. Over the past year people have strongly argued for a change in the $7.25 minimum federal wage (the minimum wage any state can not drop beneath) across the country. This issue is still being discussed in Washington, but this wide spread jump in minimum could mean more Americans are supporting the idea. Although the wage increase is not as extensive as many were pushing for, it is a much welcomed break that will affect an estimated 3 million workers.
So far this year 29 states will now have a minimum wage that is higher than the federal minimum wage. Some cities are pushing the minimum wage to historic heights. San Francisco for example is now to become the second city to increase their minimum wage to 15 dollars an hour. Other states and cities range from slight to moderate increases from a few cents to a couple of dollars. If the larger increases work in the favor of the states and cities, it is possible even more wage increases could take place in the years to come. With the 2016 elections just over the horizon, the issue of minimum wage is likely to be a major issue in the debates.
For residents of Florida, this means an increase in the minimum wage of 12 cents. The minimum wage in 2014 was $7.93 an hour, and now has gone to $8.05 an hour. Around 344,000 Florida employees will be directly affected by this increase. Another 20,000 or so employees could possibly see a raise in their pay if their company rises the pay scale accordingly. Over the past ten years, Florida has increased it’s minimum wage from $5.15 in 2005, to the present $8.05. Florida has a common trend of increasing their minimum wage, so don’t be surprised if it increases again by 2017.
Are you ready to implement this new wage increase into your business? If you have workers that will be affected by this change, make sure to fix their pay accordingly and in a timely manner. For chances in the payroll administration Daytona Beach can put their trust in Vision H.R. If your payroll is being outsourced to a payroll company such as Vision H.R. already then chances are you are aware of the increase and have had it implemented in your payroll. If not then maybe it is time to look at having your payroll outsourced in 2015 to a company that can keep it current and up to date for you.
