Copy of Minimum Wage
Published on Dec 18, 2015
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PRESENTATION OUTLINE
Definition:
A minimum price that an employer can pay a worker for an hour of labor.
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The federal government sets a base level for the minimum wage, and states can set their own minimum wages even higher.
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In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.
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The current federal minimum wage is $7.25 per hour, which translates to $15,080 for a full-time, year-round worker.
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The value of the minimum wage has fallen sharply over the past forty years. In 1968 the minimum wage was $1.60 per hour, which translates to approximately $10.70 in 2013 dollars.
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A full time worker being paid the federal minimum wage will earn less than the federal government says is necessary to support a couple with one child.
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