According to the Florida Department of Economic Opportunity, people who earn minimum wage in the Sunshine State will see a whole 12 cent increase in their paychecks starting this week.
And with the whole fiscal cliff thing not happening now, it's double good news for low wage earners today. Hooray!!
Florida's minimum wage used to be $7.67 an hour but will now be $7.79 an hour. Those who work for tips are at $4.77 an hour.
The Florida Department of Economic Opportunity is required by law to recalculate the minimum rate each year based on the federal Consumer Price Index.
The index takes into consideration things like price increases, purchasing power, and inflation.
Basically, the value of the minimum wage to rising prices on things is what puts an increase in that paycheck of those working a low-wage job, as a sort of protection from rising costs.
And, in Florida's instance, it's a 12 cent raise.
This means the annual income of the roughly 210,000 minimum-wage working folks making a living in Florida will increase by about $370, according to the latest EPI data.
Retail, food, and services as well as accommodation and health-care and social-assistance jobs account for 58 percent of people earning minimum wage in Florida, according to a Florida International University Research Institute on Social and Economic Policy study.
Florida is one of the few states that automatically "index" minimum wage rates each year.
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