What would happen if we did not have minimum wage laws?

The threat of more poverty … and government support Removing that wage floor could mean a new group of people slipping into poverty, or at the very least taking jobs that don’t lift them out of poverty. Currently, the federal wage of $7.25 yields a full-time worker just over $15,000 per year.

Is there a country without minimum wage?

Since each industry may require vastly different things from its employees, it makes sense the minimum wage varies from business to business. Five developed nations without legal minimum wage requirements are Sweden, Denmark, Iceland, Norway, and Switzerland.

Which act set a precedent for minimum wage?

The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments.

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.

Who has the lowest minimum wage in the country?

Washington tops the list of states with the highest minimum wage while 15 states tie for last in terms of the lowest — $7.25, which is the federal minimum wage, according to the U.S. Department of Labor.

Was the minimum wage ever a living wage?

The minimum wage in the United States is no longer a living wage. Even though many states are paying more than this amount, minimum-wage earners continue to struggle to make ends meet. At $7.25, the federal minimum wage hasn’t kept up with the cost of living in more than half a century.

When did Australia get a minimum wage?

1896
Then, two trade union backed MPs moved that minimum rates should apply not just to the most vulnerable, but to all workers. This motion passed, and this implemented the first legal compulsory minimum wage anywhere in the world – right here in Australia in 1896.

Was minimum wage ever meant to be a living wage?

Contrary to what some opponents of the “living wage” minimum wage may argue today, there is no question FDR intended for the minimum wage to support the wages of fully employed adult men and women working in professional trades, not merely teenagers working part-time jobs or those in entry-level positions.