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Minimum wage laws affect employees who earn the minimum wage as well as business who pay the minimum wage to its employees. Increasing the minimum wage improves the quality of life for those who earn at or near the minimum wage, however, it can cause businesses to hire less employees or reduce staffing levels. That leads to higher unemployment for unskilled workers, who are the people that generally earn minimum wage. Those who earn minimum wage are probably most directly impacted by minimum wage laws. The laws also change the behavior of businesses by affecting staffing levels or passing cost increases on to their customers.
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What is minimum wage under the FLSA?
Under the FLSA, the federal minimum wage is $7.25 per hour effective July 24, 2009 through the present. Thus, employers subject to the provisions of the FLSA may not pay employees at a rate of less than $7.25 per hour for all hours of compensable time worked. However, many of the states have a higher minimum wage (see below). Minimum Wage State Laws In the U.S., approximately half of the states have minimum wage laws that are identical to the federally-mandated minimum wage. And while many states have laws dictating a higher minimum wage than that required under federal law, some states do not. When state minimum wage conflicts with federal minimum wage, such that a state’s mandated minimum wage is higher, employers must comply with both laws. Otherwise, covered employers must comply with the federal minimum wage laws. For Minimum Wage for Each State Click Here.
Which type of regulation increases costs for consumers but helps US businesses?
Laws that increase the minimum wage for workers
How does minimum wage and safety laws affect wages?
Minimum wage prevents companies from paying employees less than what they are worth, safety laws keeps these workers safeRead more http://www.kgbanswers.com/how-do-minimum-wage-and-safety-laws-affect-wages/21422709#ixzz2l4j2RJaK
How minimum wage and safety laws affect wages?
Minimum wage prevents companies from paying employees less than what they are worth, safety laws keeps these workers safeRead more http://www.kgbanswers.com/how-do-minimum-wage-and-safety-laws-affect-wages/21422709#ixzz2l4j2RJaK
An example of a price floor?
minimum wage laws, laws specifying the lowest wage a company can pay an employee
What is the average minimum wage in the United States?
The average minimum wage in the United States is different state by state. Minimum wage varies from $7.25-$8.00 an hour. The last time laws were changed on minimum wage was in 2009.
What is the minimum wage in Utah?
The minimum wage in Utah is $7.25 an hour, and $2.13 an hour for tipped employees pursuant to federal laws.
Why is minimum wage for NYC different from the federal minimum wage?
New York and New York City both have their own jurisdiction and ability to pass laws in addition to the federal laws.
Which US states do not have a minimum wage?
Louisiana, Mississippi, Alabama, South Carolina, and Tennessee do not have minimum wage laws. This does not mean they do not have minimum wages because there is a federal minimum wage that these states must still enforce. States can only choose to have higher minimum wages than the federal law or have no specific law at all and enforce the federal law.
What is a minimum wage today?
This depends on the region. Around the world, many places have no minimum wage. The average minimum wage is estimated at $0.20 an hour. Across the US: the average is about $7.50 an hour, whether counting by population or state. Across Canada: About $10 an hour.
Does minimum wage apply to minors?
Yes, minimum wage laws apply to minors who are employed. Employers must pay minors at least the minimum wage set by federal or state law, regardless of their age.
If your state raises the minimum wage to your current wage will your pay increase?
No. State laws only regulate the minimum your boss has to pay you. If the minimum wage goes up, it doesn't mean your wage goes up unless you are making below minimum wage. Some union collective agreements have provisions that deal with this.
