When was the last time the federal minimum wage was adjusted?
When was the last time the federal minimum wage was adjusted?
July 24, 2009
The minimum wage has lost 21% of its value since Congress last raised the wage. Saturday marks 12 years since the last federal minimum wage increase on July 24, 2009, the longest period in U.S. history without an increase.
How long has the current federal minimum wage been in effect?
Minimum hourly wage of workers in jobs first covered by
| Effective Date | 1938 Act 1 | 1961 Amendments 2 |
|---|---|---|
| Jul 24, 2008 | $6.55 for all covered, nonexempt workers | $6.55 for all covered, nonexempt workers |
| Jul 24, 2009 | $7.25 for all covered, nonexempt workers | $7.25 for all covered, nonexempt workers |
What happens if the state minimum wage is lower than federal?
What Happens if a State’s Minimum Wage Is Lower Than the Federal Minimum Wage? In places where the state minimum wage is lower than the federal wage, workers who come under the Fair Labor Standards Act earn the federal wage. If workers don’t come under the FLSA, they can be paid less.
What was the point of minimum wage?
The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.
Who has the lowest minimum wage in the United States?
The two states with the lowest minimum wage are Georgia ($5.15) and Wyoming ($5.15). However, employers in Georgia and Wyoming who are subject to the Fair Labor Standards Act must still pay the $7.25 Federal minimum wage.
Should the minimum wage be raised to $10 an hour?
Researchers at the White House Council of Economic Advisors (CEA) found that an increase to $10.10 an hour would raise wages for 28 million Americans–about nine million of those due to the ripple effect. [ 29] Increasing the minimum wage would increase worker productivity and reduce employee turnover.
Does raising the minimum wage reduce spending on food stamps?
The Center for American Progress reported in 2014 that raising the federal minimum wage by 6% to $10.10 would reduce spending on the Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps) by 6% or $4.6 billion.
How does raising the minimum wage affect productivity?
Increasing the minimum wage would increase worker productivity and reduce employee turnover. Increases in wages are associated with increased productivity, according to many economists, including Janet Yellen, PhD, Chair of the Federal Reserve.
How does minimum wage affect employee turnover and absenteeism?
Alan Manning, DPhil, Professor of Economics at the London School of Economics, stated in 2014: “As the minimum wage rises and work becomes more attractive, labor turnover rates and absenteeism tend to decline.”
