As an employer, it is your responsibility to pay your staff a wage that is competitive with the market and enough for their needs, while also meeting the requirements of any laws in effect. Some jurisdictions have established multi-year plans to gradually increase their minimum wage, while other jurisdictions and localities have enacted varying minimum wage laws. Small business owners in Louisiana need not worry about the minimum wage in 2019 and beyond; we will explain all you need to know to get started.
If you’re a small business owner in Louisiana right now, you can rest certain that we have your back while you take the first steps toward complying with the Louisiana minimum wage in 2023 and beyond. So how much is the louisiana minimum wage 2023?
Where can I find the state’s minimum wage law?
Louisiana’s minimum wage has remained steady at $7.25 per hour for the last several years. Louisiana’s minimum wage is the same as the federal minimum. Minimum wage in Louisiana was raised from $6.55 to $7.25 in 2008, the last time it was changed. The federal rate has not changed since 2009.
Louisiana’s exemptions from its minimum wage law mirror those found in the federal Fair Labor Standards Act (FLSA). Workers in agriculture, seasonal employment, newspaper delivery, “informal” jobs, and even babysitting may all expect to earn less than the federal minimum wage of $7.25 per hour.
Restaurant servers and other tipped workers often get a tipped minimum pay of $2.13 per hour, which is lower than the federal minimum wage. However, if your restaurant, café, or other small business uses a tip pooling system, you may be obligated to pay your employees at least the federal minimum wage.
Find out how customers often tip, and then decide on a tipping system that benefits both you and your staff.
What will Louisiana’s minimum wage be in 2023 and beyond?
The minimum wage in Louisiana has been the subject of debate and proposals for increase, although there are no present plans to do so.
What preparations should small company owners do for the impending hikes in the minimum wage?
Although there are no immediate plans to increase the minimum wage in Louisiana, advocates from around the state are working to change that. Your business should be ready for the potential implications of a future increase in the federal minimum wage, since this is a very real possibility.
Pay attention to the people you hire.
Paying current employees a greater salary might save money compared to hiring and training new workers. Read up on the best practices for retaining talented personnel, such as developing a systematic approach to hiring and onboarding that guarantees all new hires are a good fit in terms of both their skills and the company’s culture.
Invest in your team members.
Investing even a little amount of time or money in employee training and making an effort to make them feel valued may significantly minimize staff turnover at your company.
Conclusion
A trustworthy accountant can advise you on financial planning for the future and help you comply with Louisiana law, such as ensuring that your business has an Employer Identification Number (EIN).
