Minimum Wage Increase

Introduction

The idea of a minimum wage, along with the idea of setting a level for such minimum wage has historically stirred lots of controversy among Economic experts and other stakeholders such as company owners, unions and workers in general.

Throughout time there have been several legal initiatives to enact some type of minimum wage law, starting with the Fair Labor Standards Act, from 1938, which still operates in the U.S., to the enactment of the Fair Minimum Wage Act, in 2007. Different legal forms of minimum wage laws, though, are set by different federal, state and local statues, in a way that the minimum wage could vary from state to state, and even from city to city, or even from occupation to occupation within the same city. In its current state, such act requires an overall minimum level of $7.25 per hour, though several states have plans to increase this federal minimum level, and have in fact enacted increases starting in 2015.

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