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
2006
- More and More states are increasing the state minimum wage ranging from $1 up to $1.70 an hour
Federal Hourly Minimum Wage Increase
Month / Year Minimum Hourly Wage
October 1938 $0.25
October 1939 $0.30
October 1945 $0.40
January 1950 $0.75
March 1956 $1.00
September 1961 $1.15
February 1967 $1.40
May 1974 $2.00
January 1976 $2.30
January 1979 $2.90
January 1981 $3.35
April 1990 $3.80
October 1996 $4.75
September 1997 $5.15
Current Minimum Wage
