What Is The Minimum Wage

By | October 15, 2020

What is the minimum wage? minimum wage is the lowest remuneration that employers can legally pay their workers. Equivalently, it is the price floor below which workers may not sell their labor. Minimum wage – Wikipedia

Hey, glad to have you back. As of late, the Minimum Pay Wage has been at the forefront of a lot of daily news stations. In this article, I have gathered facts and scenarios for raising the Minimum Pay Wage.

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Here you will discover how raising the wage will affect the country in numerous ways. Please as always, share your comments you will be helping others.

What is the difference between the living wage and the national minimum pay wage?

The minimum pay wage in the United States is set by a network of federal, state, and local statutes. Workers generally must be paid no less than the statutory minimum wage as specified by either the federal, state, or local government. As of July 2009, the federal government mandates a nationwide minimum wage level of $7.25 per hour.

Effective January 1, 2015, there were 29 states with a minimum wage higher than the federal minimum. 

From 2014 to 2015, nine states increased their minimum wage levels through automatic adjustments, while increases in 11 other states occurred through legislative or ballot changes.

The federal minimum wage peaked at about $10 in 1968, as measured in 2014 inflation-adjusted dollars.

Every employer of employees subject to the Fair Labor Standards Act’s minimum wage provisions must post, and keep posted, a notice explaining the Act in a conspicuous place.

Moreover, in all of their establishments to permit employees to read it readily. The content of the notice is by the Wage and Hour Division of the Department of Labor.

Minimum Pay Wage

Economic effects

The economic effects of raising the minimum wage are controversial. Adjusting the minimum wage may affect current and future levels of employment, prices of goods and services, economic growth, income inequality, and poverty.

The interconnection of price levels, central bank policy (CBO), wage agreements, and total aggregate demand creates a situation in which the conclusions are influenced by the underlying assumptions of the interpreter.

In February 2014, the CBO reported the theoretical effects of a federal minimum wage increase under two scenarios, an increase to $10.10 with indexing for inflation after that and an increase to $9.00 with no indexing:

  • Approximately 16.5 million workers would have their wages rise under the $10.10 option versus 7.5 million under the $9.00 option.
  • Employment would likely fall by 500,000 under the $10.10 option and 100,000 under the $9.00 choice, with a wide range of possible outcomes.

What is the federal minimum wage?

The federal minimum wage is $7.25 per hour. Though tipped workers and some farm and seasonal workers are paid less in many states, pay for the vast majority of hourly employees in the U.S. is at least $7.25 per hour.

READ: Raising Minimum Wage Hasn’t Hurt States                                                                                                                                                                               

The federal minimum wage is $7.25 per hour. Though tipped workers and some farm and seasonal workers are paid less in many states, pay for the vast majority of hourly employees in the U.S. is at least $7.25 per hour.

More than half of U.S. states and many individual cities have passed legislation raising that benchmark, but adjustments to the federal number have been few and far between in recent decades – even as inflation and cost of living in the U.S. have increased. On only three occasions has the federal minimum wage increased since 1981, according to a recent Congressional Research Service report. The most recent uptick came between 2007 and 2009 when the federal minimum was boosted from just $5.15 per hour.

Democratic lawmakers have long favored a federal minimum wage boost, but legislative efforts have fallen short during the past decade

Minimum Pay Wage/Online Business

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17 Numbers That Will Make You Realize Just How Pathetic The Federal Minimum Wage Is

62 The number of months since the last minimum wage increase, in July 2009.

12 The number of months between each of the last three minimum wage increases, to $5.85 in July 2007, then to $6.55 in July 2008, and finally to the current $7.25 minimum in July 2009.

23The number of states — not including Washington, D.C. — that have raised the minimum wage above the federal rate. The highest state minimum wage is in Washington state, at $9.32 an hour — still below the proposed federal minimum.

5.8%The purchasing power the federal minimum wage has lost to inflation since the last time it was raised, according to Pew data from 2013. The left-leaning National Employment Law Project reports that the real value of the minimum wage peaked in 1968 when its $1.60-an-hour rate would have been worth close to $10.50 in today’s economy.

$21.72What the minimum wage would have been in 2012 if it had kept up with worker productivity since the late-1940s, according to a study published last year.

1,532,000The number of hourly workers who were making the federal minimum wage in 2013, according to Pew. About 50.4 percent of these workers aged 16 to 24, and just under a quarter were teenagers. About 64 percent of them worked part-time.

Collected Data

An additional 1.8 million tipped employees, full-time students, disabled workers and others holding jobs exempted from federal minimum wage requirements earned wages of less than $7.25 an hour. The federal minimum wage for tipped workers is $2.13 per hour.

$267.80The weekly take-home pay for a 40-hour-a-week minimum-wage employee, after Social Security and Medicare taxes. That adds up to $13,926.38 per year or just over $1,150 per month. The commonly cited minimum wage annual salary for a 40-hour-a-week worker is $15,080 — before taxes.

$1,099The average monthly apartment rental price in the United States in the second quarter of 2014, according to real estate data firm Reis Inc. This is almost as much as you would make in a month on a single minimum-wage income, which is one reason why minimum-wage workers typically can’t afford to be the primary breadwinners of their families.

$163  The average household pays for basic gas and electricity per month, according to an analysis of the spending habits of Mint.com users across the nation in 2011. Utility prices have since risen in many places.

$3.34  The average U.S. price for a gallon of gasoline, as of the last week of September. If a car has a 15-gallon tank, it would cost around $50 to fill up. That is a full day’s pay on minimum wage.

On top of gas, drivers must pay for car insurance. Which according to a 2011 report came out to a nationwide average of around $800 a year. Premiums have increased in many places since, with estimates of average rates as high as $1,500 a year. That would be more than a month’s salary for a minimum-wage earner.

54%  The percentage of Americans who support raising the federal minimum wage to $10.10 an hour. According to a recent survey by the left-leaning Public Policy Polling.

Polls have consistently shown strong support for increasing the federal minimum wage. With a survey released in June show, 71 percent of respondents favor raising the rate.

Related Post:

Banks to pay everyone, at least, a ‘living wage.’

Many low-wage workers not protected by minimum wage  

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Hello, my name is Maurice Jackson I live and, started my business in Detroit. My intentions are, to help any and every one with affiliate marketing as a home business, become a successful professional. My first career was working for the city of Detroit as an inspector, where I thought I would retire. But life brings change and surprises. I sustained an injury that led to an earlier retirement than I had planned. With that said I reinvented myself in April of 2014 and, became part of an affiliate program. Within the time of my reinvention leading up to the present, I am generating lots of traffic to my website and it grows every day. ROI has been minimal but then again I invested nothing to start. I am at the point of letting my site mature, as I keep writing quality content about it. In this business, you have to pay your dues. Furthermore, I and the rest of our family (become a member and you will see the family side of it) of 109000, including the founders of the program (yes they participate), will see to it that we all will be making a substantial amount of revenue as members

3 thoughts on “What Is The Minimum Wage

  1. JIM

    This Should Be Finally Settled By Just Looking At The South Which Is Some OF The Poorest Part Of The Country Also With The ONLY 5States Without A Minimum Wage & The One State With A Minimum Wage Lower Than The Federal Minimum Wage. While The Minimum Wage Is A Big Factor Its Not The Only The South Is Also Harsh Against Unions Even Unions In Foreign Companies Who Have Unions In All Their Other Plants Around The World To Help Communicate & Deal With Their Workers &Workers Complaints & Solve Problems. Second The South Are Mostly RED States Who Get More Back From BIG BAD Gov. Then They Give Add Having Some Of The Highest Populations Receiving Some Benefit From Gov. Programs. But They Continue To Vote Against Their Own Interest Mostly Based On Misinformation & Wedge Issues When It Comes To Religion, Abortion, Ect. They Continue To Vote For PPL Who Want To Cut These Programs Increase Military Spending (Which Has Reaches Just Under $1Trillion) & Cut Taxes On The RICH But This Is Ok Because The NEED & Deserve It Its Only “OTHERS” On These Same Programs Who Are The “TAKERS”. Most Al These Problems Result From INFORMATION Specially The UNINFORMED & Even Worse The MISINFORMED May By The Likes Of PPL On FOX & Take Radio Who Misinform PPL On Things Like The Definition Of Socialism & Confuse It With Communism & Fascism. When In Reality In (The Good Ol, Days) Between WWll & The 80’s When The US Was The Envy Of The World The US Governed & Economy Was A Mix Of The Good Parts Of Capitalism & Socialism. But As We Turned Away From What Made Us A Superpower Able To Afford The Greatest Military While Also Investing In Our Kids, Infrastructure & Take Care Of Our PPL. The Rest Of The World Started To Copy Some Of Our Policies & We Returned Back To The Way Thing Were In The Roaring 30’s With The Worst Income Inequality At The Hands Of The RICH Leading To The Great Depression

  2. AlfredNArtry

    There’s certainly a great deal to find out about this subject.
    I love all the points you have made.

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