The United States has a federal minimum wage. These wage provisions are outlined in the Fair Labor Standards Act (FLSA) as a way to protect workers.
The current federal minimum wage, which is $7.25 per hour, went into effect on July 24, 2009. For the last 12 years, this rate has stayed the same. Employers must pay employees based on hourly wage laws, but there are exceptions. For example, employers can pay tipped employees a lower hourly wage.
Some states have increased wages through their own state minimum wage laws. However, many states still follow the federal minimum wage laws and have not increased wages. Additionally, two states (Georgia and Wyoming) have state minimum wage rates that are lower than the federal minimum wage rate. But this lower rate doesn't apply to the average worker, and most workers are paid $7.25 per hour.
Are you wondering how your state's minimum wage rate compares to other U.S. states? Find out below.
One email a day could help you save thousands
Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.
Hourly minimum wage by state
We've outlined the current minimum wage in each of the 50 U.S. states. As a note, if the state doesn't have a minimum wage, it follows the federal minimum wage, and we've listed the rate as such. For states with a minimum hourly wage lower than the federal wage, we've listed the federal minimum wage, as most employees qualify for $7.25 per hour.
The challenge of living on minimum wages
According to the Bureau of Labor Statistics, 247,000 workers were paid only $7.25 per hour in 2020. With an increase in the cost of goods and living expenses, living on $7.25 per hour can be challenging. Some workers must work multiple jobs to be able to afford rent and pay their bills.
More recently, companies have increased starting wages to be more competitive. It'll be interesting to see if more states increase their minimum wages over the next few years. Hopefully, the federal wage will increase, too. Twelve years is a long time for no increase.
If you've recently gotten a raise, be sure to prioritize savings goals
If you're in a state that has recently increased its minimum wage, or if you're working for a company that has increased its wages, try to prioritize your savings goals. Life is expensive, and emergencies happen. By setting aside an emergency fund, you'll be prepared for unexpected financial concerns that come up.
If you're new to saving, these tips can help you build up an emergency fund within a year. Opening a separate savings account is an excellent way to separate your funds, so you're not tempted to spend extra money. If you'd like to improve your money matters or want to explore additional financial information, take a look at these personal finance resources.
"current" - Google News
September 24, 2021 at 07:32PM
https://ift.tt/3ADTKUB
Here's the Current Minimum Wage in Each of the 50 U.S. States - The Motley Fool
"current" - Google News
https://ift.tt/3b2HZto
https://ift.tt/3c3RoCk
Bagikan Berita Ini
0 Response to "Here's the Current Minimum Wage in Each of the 50 U.S. States - The Motley Fool"
Post a Comment