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People in Florida gather together to ask the McDonald’s corporation to raise workers wages to a $15 minimum wage in May 2019. Photo: Joe Raedle/Getty Images

Florida voters said yes to raising the state's minimum wage to $15 by 2026, making it the first state in the South and the eighth state in the U.S. to do so.

Why it matters: Its passage would ultimately affect 2.5 million Floridians, or one-quarter of the workforce over the next five years, per the Florida Policy Institute.

Where it stands: 60.8% of Floridians voted in favor of Amendment 2, just barely passing the citizen-led ballot's requirement of needing more than 60% support.

  • Employers will be asked incrementally raise the minimum wage from $8.56 to $15 by September 2026, or about $1 per year.
  • The last time Florida residents voted on a minimum wage measure was in 2004.

Yes, but: Some business associations opposed it, arguing that paying workers more would mean higher costs, and possible layoffs and consumer price increases as a result.

Go deeper

Felix Salmon, author of Capital
Jan 15, 2021 - Politics & Policy

Biden's COVID package also progressive wish list

President-elect Joe Biden. Photo: Alex Wong/Getty Images

A crisis is a terrible thing to waste — and President-elect Joe Biden, emboldened by Democratic Senate victories in Georgia, signaled in his speech Thursday night he has no intention of wasting this one.

Why it matters: The president-elect rolled out a $1.9 trillion package headlined for its coronavirus relief but including billions in spending for cybersecurity, transit, wages, health care and other progressive programs.

Dion Rabouin, author of Markets
2 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a $1 billion direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.