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Florida minimum wage to increase to $15 per hour, more than 600 thousand could lose their jobs

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Florida – Demonstrators walk through the take-out lane as they gather together at a McDonald’s restaurant to demand an increase in the minimum wage to $15 an hour. (Photo by Joe Raedle/Getty Images)

Florida — Voters in Florida have approved amendment 2 which will raise the minimum wage to $15 an hour over a six-year period.

The amendment states that Florida will raise the minimum wage to $10.00 per hour on September 30, 2021.

Each September 30 thereafter, the minimum wage will increase by $1.00 until September 30, 2026, when the minimum wage will reach $15 per hour.

Business owners across Florida have already begun to threaten with layoffs and a decrease in hours.

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Financial analysts say that those who are receiving public assistance will also be affected because an increase in income means a decrease in public benefits.

Analysts are also predicting a substantial price increase for consumer goods, dining, and the overall cost of living.

Many fast-food restaurants say that they will begin to install automated kiosks to offset the cost of having an employee on duty. Similar to how McDonald’s responded when New York raised its minimum wage to $15 per hour.

The Florida Chamber of Commerce estimates job losses as high as 500,000.

The Florida Restaurant & Lodging Association said the minimum wage increase would lead to 158,000 job losses in Florida.

Analysts said that because voters who do not understand economics voted for the increase that the lack of knowledge could cripple the economy in years to come.

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