What You Need To Know: Florida Workers’ Compensation Insurance Rates, Minimum Wage Increase and Federal Overtime Regulations

Workers’ Compensation Rate Finalized

The Florida Office of Insurance Regulation (Office) has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for an overall combined statewide average rate increase of 14.5%. This rate increase applies to both new and renewal workers’ compensation insurance policies effective in Florida as of December 1, 2016.
NCCI received this approval after submitting an amended rate filing to the Office on October 4, 2016, which met the stipulations of an Order issued on September 27, 2016.
For more information about the NCCI public hearing and rate filing, visit the Office’s “NCCI Public Rate Hearing” webpage. To view or download a copy of the NCCI rate filing, access the I-File Forms & Rates Filing Search System and enter File Log #16-12500 into the “Quick Search” function.

 

Florida’s Minimum Wage increases to $8.10 per hour

The 2017 Florida minimum wage is $8.10 per hour, effective January 1, 2017. Florida law requires the Florida Department of Economic Opportunity to calculate a minimum wage rate each year based on the percentage increase in the federal Consumer Price Index for Urban Wage Earners and Clerical Workers in the South Region for the 12 month period prior to September 1, 2016. Click here for the “DEO Notice to Employees.”

 

Department of Labor Overtime Rule

In May 2016, DOL made drastic changes to the federal overtime regulations, which include more than doubling the salary threshold to be considered an exempt employee from $23,660 annually/$455 per week to $47,476 annually/$913 per week), resulting in greatly limited workplace flexibility and increased labor costs for restaurants across the country. Implementation begins December 1, 2016. This rule is too much, too soon.

Congress has proposed a common sense solution that will phase-in the salary threshold increase over five years. The “Overtime Reform and Review Act” would be extremely helpful as employers attempt to comply with the new regulation and absorb its impact. Act now and urge your legislators to co-sponsor S. 3464, the “Overtime Reform and Review Act.”