Wages and Social Security increasing


Published: Thursday, November 1, 2007 at 6:01 a.m.
Last Modified: Wednesday, October 31, 2007 at 4:47 p.m.

Social Security benefits, as well as the minimum wage, in Florida and nationally are going up in 2008.

Facts

Raises coming

  • Florida minimum wage increases to $6.79.

  • Minimum wage with tips increases to $3.77.

  • Federal minimum wage increases to $6.55 on July 24.

  • Federal minimum wage will again increase to $7.25 on July 24, 2009.

  • Social Security benefits will increase by 2.3 percent on Jan. 1.

  • Florida's minimum wage will increase by 12 cents an hour to $6.79. Workers whose tips are counted as part of their wage will see their minimum rise from the current $3.65 an hour to $3.77 an hour.

    The federal minimum wage also is rising as part of a three-step plan signed into law in May.

    The minimum wage was set at $5.85 on July 24. It will rise to $6.55 on July 24, 2008, and to $7.25 on July 24, 2009.

    Under federal law, in states that set their own minimum wage, employers must pay their hourly workers whatever minimum wage is higher, federal or state.

    In Florida, the state rate will prevail because it is nearly a dollar an hour higher than the federal rate.

    Social Security benefits also are going up on Jan. 1. About 50 million people will get a 2.3 percent increase in their benefits. Officials said the typical retiree benefit will rise $24 from $1,055 a month to $1,079.

    Since 1975, the annual Social Security adjustment has been tied to inflation.

    Federal officials calculate the increase based on comparing consumer prices between July and September with prices during the same months in the previous year.

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