It is a new year — and a new minimum wage in Florida — on January 1, 2014.

While the Federal minimum wage rate is set at $7.25 per hour, Florida has announced its 2014 minimum wage rate will be $7.93 per hour. Florida’s minimum wage is based on a cost of living formula.

Employers have a lot to consider when setting the hourly rate for employees. Of course, the minimum wage rate is important to follow, but you also may want to look at things like the responsibilities of the position, the competition, etc. Read “How to Choose a Fair Pay Rate for Employees” for suggestions.

If you have additional questions about Florida’s minimum wage rate or other labor concerns, the Department of Labor suggests contacting the Florida Department of Business and Professional Regulation.