Minimum Wage Basics http://www.dol.gov/whd/flsa/#min Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek. SEE POSTER: http://www.dol.gov/whd/regs/compliance/posters/minwage .pdf When federal law does not apply, the state minimum wage applies http://www.dol.gov/whd/minwage/america.htm
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
SEE POSTER: http://www.dol.gov/whd/regs/compliance/posters/minwage.pdf
When federal law does not apply, the state minimum wage applies http://www.dol.gov/whd/minwage/america.htm
http://oregonstate.edu/instruct/anth484/minwage.html A federal minimum wage was first set in 1938. The graph on the next slide shows nominal (blue
diamonds) and real (red squares) minimum wage values. Nominal values range from $0.25/hr in 1938 to the current $7.25/hr. The graph adjusts these wages to 2010 dollars (red squares) to show the real value of the minimum wage.
Calculated in real 2010 dollars, the 1968 minimum wage was the highest at $10.04. The real dollar minimum wage (red squares) falls during periods Congress does not raise the minimum wage to keep up with inflation.
The minimum wage increased in three $0.70 increments--to $5.85 in July, 2007, $6.55 in July, 2008, and to $7.25 in July 2009.
from http://oregonstate.edu/instruct/anth484/minwage.html
Multiplying the minimum wage by a work year of 50, 40-hour weeks gives the annual earnings that can be expected from a minimum wage job.
The real annual income from a minimum wage job is the blue bars on the following page. The red line is the poverty level real annual income for a family of four. Minimum wages have never been sufficient to raise a family out of poverty, if only one member of the family works.
from http://oregonstate.edu/instruct/anth484/minwage.html
"Minimum Wage Coverage" is the percentage of workers receiving minimum wage. Sources: U.S. Bureau of the Census; U.S. Department of Labor, Bureau of Labor Statistics; Statistical Abstract of the United States; and Survey of Current Business.