Effective January 1, 2020, changes to Florida’s minimum wage rate will include a mandatory increase from $8.46 to $8.56, (an increase of 1.12%) exceeding the federal rate of $7.25 per hour. The new minimum wage for tipped employees is increasing to $5.54 per hour in addition to tips, which is calculated as equal to the minimum wage of $8.56 minus the 2003 tip credit of $3.02.
The minimum wage rate is recalculated annually based on the Consumer Price Index, which accounts for the inflation rate and the cost of living formula. You can find the Florida Department of Economic Opportunity’s minimum wage calculations from previous years here:
Florida Minimum Wage History (2000-2019): http://www.floridajobs.org/docs/default-source/business-growth-and-partnerships/for-employers/posters-and-required-notices/2019-minimum-wage-poster/florida-minimum-wage-history-2000-2018.pdf?sfvrsn=4
2019 Florida Minimum Wage Calculations Inflation Rate Calculation: http://www.floridajobs.org/docs/default-source/business-growth-and-partnerships/for-employers/posters-and-required-notices/2019-minimum-wage-poster/2019-minimum-wage-calculation.pdf