Minimum Wage

What is it? The minimum compensation that must be paid to most hourly workers. The federal minimum wage, which was raised to $5.15 an hour in 1997, applies to hourly employees at businesses that have more than $500,000 in revenues or that are engaged in interstate commerce. The law also applies to state and local government agencies, hospitals, schools, and domestic workers. It does not affect the youth minimum wage of $4.25 an hour, which may be paid to employees under age 20, who work for 90 days or less. States can set their own minimum wage. If it is higher than the federal standard, all companies in the state must comply.

Added By: Noah

Send To Friends!

If you'd like to send the Minimum Wage definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of Minimum Wage. If you need any more information on this term, please don't hesitate to contact us.