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Tutorial On the Minimum Wage

15 Feb 2013

Tutorial On the Minimum Wage

The Fair Labor Standards Act of 1938 established a minimum hourly wage for covered, nonexempt employees. It was $0.25 back then, and it is $7.25 right now, which is where it’s been since 2009, when a third consecutive annual raise kicked in. Before 2007, the federal minimum wage stood at $5.15 for nearly 10 years. Wage Chart States have their own minimum wage law. JOB CREATOR OR JOB CRUSHER NJ writes, “…the minimum wage remains remarkably controversial. Each time a president proposes raising it, as President Obama did this week, a certain Kabuki ritual repeats itself as economists haul out data to show that it’s either constructive or destructive, and each party reverts to its talking points.”

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