Introduction To Minimum Wage

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Definition

Minimum wage is defined as the lowest wage paid or permitted to be paid; specifically : a wage fixed by legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons. More than 90% of all countries have minimum wage legistration

Minimum Wage History in the US

1933

• National Industrial Recovery Act established a minimum wage of $.25-per-hour standard

1935

• In the case Schechter Poultry Corporation v. United States(295 U.S. 495) the supreme court declared the National Industrial Recovery Act unconstitutional

1938

• Under the Fair Labor Standards Act the Minimum wage was re-established in the US once again to $.25 per hour

1990's

• President Bill Clinton passed a bill which allows states to set their minimum wage above the federal level

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