What was the original purpose of the minimum wage?

The purpose of the minimum wage was to stabilize the post-depression economy and protect the workers in the labor force. The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.

How many times has the minimum wage been raised since 1938?

Federal Action Congress has raised the minimum wage nine times since its creation in 1938. In the years succeeding the last approved increase in 2007, Congress has considered iterations of the Raise the Wage Act.

What was minimum wage in 1974?

$2.00 an
The minimum wage increased to $2.00 an hour in 1974, $2.10 in 1975, and $2.30 in 1976 for all except farm workers, whose minimum initially rose to $1.60. Parity with nonfarm workers was reached at $2.30 with the 1977 amendments.

What was the minimum wage in 2020?

$7.25
State Minimum Wage Rates

State 2020 Minimum Wage 2021 Minimum Wage
Georgia $5.15 (Employers subject to Fair Labor Standards Act must pay the $7.25 Federal minimum wage.) $5.15 (Employers subject to the Fair Labor Standards Act must pay the $7.25 Federal minimum wage)
Hawaii $10.10 $10.10
Idaho $7.25 $7.25
Illinois $10.00 $11.00

What was a good salary in 1970?

The median money income of families in the United States was $9,870 in 1970, according to estimates recently released by the Bureau of the Census, Department of Commerce. This was about $440, or 4.6 percent higher than the 1969 figure of $9,430.

What was the average salary in 1974?

The median money income of households in the United States rose to $11,100 in 1974, an increase of about 6 percent over the 1973 median of $10,500.

What is the historical minimum wage in the US?

The federal minimum wage was introduced in 1938 at the rate of $0.25 per hour (equivalent to $4.45 in 2018). By 1950 the minimum wage had risen to $0.75 per hour. The minimum wage had its highest purchasing power in 1968, when it was $1.60 per hour (equivalent to $11.53 in 2018).

What is the history of the minimum wage in America?

The first federal minimum wage was created as part of the National Industrial Recovery Act of 1933, signed into law by President Franklin D. Roosevelt, but declared unconstutional. In 1938 the Fair Labor Standards Act established it at $0.25 an hour ($4.54 in 2019 dollars ). Its purchasing power peaked in 1968 at $1.60 ($11.76 in 2019 dollars).

What is the federal minimum wage history?

U.S. Minimum Wage History. The federal minimum wage originated in the Fair Labor Standards Act (FLSA) signed by President Franklin Roosevelt on June 25, 1938. The law established a minimum wage of 25 cents per hour for all employees who produced products shipped in interstate commerce.

What is the current federal Min wage?

The Texas Minimum Wage is currently $7.25 per hour. Texas’s minimum wage is the same as the current federal minimum wage of $7.25 per hour. The minimum wage will likely remain at $7.25 until the federal minimum wage is raised.