For Minimum Wage we have terms and definitions in 3 topics. The topics are Accounting, Insurance Compensation and Political.

Minimum Wage (Accounting)

is the lowest compensation you are allowed to pay an employee for hourly work. It is defined by Federalstateand sometimes local laws. State or local laws may be more restrictive than Federal lawand certainly may differ.

Minimum Wage (Insurance Compensation)

The lowest allowable hourly-wage that an employer can pay an employee.

Minimum Wage (Political)

The lowest hourly rate that an empoyer must pay an employee. Federal law mandating a minimum wage was first enacted in 1938, when the rate was set at 25 cents an hour. It is currently $4.25 an hour. In 1995, President Clinton proposed an increase of 90 cents, to $5.15, to be phased in over two years. He pointed out that under the current minimum wage a full-time worker would still fall under the official poverty level. Republicans in general oppose a rise in the minimum wage, arguing that it would lead to job losses by prompting factories to move to countries with even lower wages, such as Mexico. Independent analysts say that in 1995, the minimum wage hit a 40-year low in terms of real buying power.

Similar

Browse words that start with:

• Mi
• Min
• Mini
• Minim

Browse All Terms by First Letter

Term Search