Federal Minimum Wage Yearly, 2020 Federal And State Minimum Wage Rates
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However many states have their own minimum wages including 29 that are currently higher than the federal rate.
What is minimum wage pay. The federal minimum wage was last changed in 2008 when it was raised 070 from 655 to 725. Employers generally have to pay workers the highest minimum wage prescribed by federal state and local law. Since the last federal minimum wage hike to 725 an hour starting july 24 2009 the cost of living has increased 20 while the price of essentials such as housing and health care have.
Value of the minimum wage value of the minimum wage value of the minimum wage. Data in current dollars and constant 1996 dollars. As of january 2020 there were 29 states and dc with a minimum wage higher than the federal minimum.
Under the flsa non exempt employees must be paid the minimum wage or higher. Since july 24 2009 the federal minimum wage is 725 per hour. Annual federal minimum wage rates 1955 2015.
The federal minimum wage peaks in purchasing power at 160 per hour the equivalent of 1153 in 2019 dollars. Adjusted for inflation that would be worth about 445 today. When president franklin d.
Year current dollars constant 1996 dollars 1 year current dollars constant 1996 dollars 1 year current dollars constant 1996 dollars 1. With the minimum wage was higher relative to living costs luce says. The minimum wage in the united states is set by us.
Roosevelt signed americas first federal minimum wage into law in 1938 it was 25 cents per hour. The federal minimum wage of 725 per hour is the minimum hourly pay any non exempt worker in the united states can be paid for his work. The table of federal minimum wage rates under the fair labor standards act 1938 2009 is also available in a pdf version.
The minimum wage rate is the lowest hourly pay that can be awarded to workers also known as a pay floor. In order to view andor print pdf documents you must have a pdf viewer eg adobe acrobat reader v5 or later available on your workstation. The federal minimum wage is applicable nationwide and overrides any state laws that provide a lower minimum wage rate to ensure that the local minimum wage in.
The annual earnings for a full time minimum wage worker is 15080 at the current federal minimum wage of 725. Labor law and a range of state and local laws.
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