How Much Does A Minimum Wage Worker Make A Year In 2021 76 1 million workers age 16 and older in the United States were paid at hourly rates representing 55 8 percent of all wage and salary workers Among those paid by the hour 181 000 workers earned exactly the prevailing federal minimum wage of 7 25 per hour About 910 000 workers had wages below the federal minimum
The annual earnings for a full time minimum wage worker is 15 080 at the current federal minimum wage of 7 25 Full time work means working 2 080 hours each year which is 40 hours each week However many states have their own minimum wages including 29 that are currently higher than the federal rate A person earning 7 25 per hour for 40 hours a week would make just over 15 000 a year before taxes Young people are more likely to earn the minimum wage than older workers While 2 9 of hourly workers ages 16 to 24 earn 7 25 an hour or less 1 1 of hourly workers ages 25 to 34 earn the minimum wage
How Much Does A Minimum Wage Worker Make A Year
How Much Does A Minimum Wage Worker Make A Year
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Minimum Wage By U S State As Of July 1 2018 FactsMaps
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In 2022 78 7 million workers age 16 and older in the United States were paid at hourly rates representing 55 6 percent of all wage and salary workers Among those paid by the hour 141 000 workers earned exactly the prevailing federal minimum wage of 7 25 per hour About 882 000 workers had wages below the federal minimum Despite the city s minimum wage being more than double the federal rate in 2024 full time workers earning minimum wage would have made around 30 000 U S dollars that year
Minimum wage by state by year In the United States the minimum wage is set by U S labor law and a range of state and local laws 4 The first federal minimum wage was instituted in the National Industrial Recovery Act of 1933 signed into law by President Franklin D Roosevelt but later found to be unconstitutional 5 In 1938 the Fair Labor Standards Act established it at 25 an hour ST PAUL Minn Minnesota minimum wage is going up to adjust for inflation and this time that minimum will apply to all workers no matter the size of the business Starting Jan 1 2025 the
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East Lansing Michigan s 10 33 an hour minimum wage would increase by 2 15 or 21 next year and reach nearly 15 in 2028 under the first suggested adjustments released this week by Gov If there is no state minimum wage or a wage that is lower than 7 25 then the employees in that state are entitled to 7 25 per hour 2024 Minimum Wage Calculator Hourly Wage Rate
Although the real dollar minimum wage in 1970 was only 1 60 U S dollars when expressed in nominal 2024 dollars this increases to 13 05 U S dollars This is a significant difference from the Minnesota s minimum wage rate will be adjusted for inflation on Jan 1 2025 to 11 13 an hour for all employers in the state During the 2024 legislative session Minnesota s minimum wage law was revised to eliminate the reduced minimum wages applicable for small employers defined as annual gross revenues less than 500 000 youth under the age of 18 and J 1 visa workers
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How Much Does A Minimum Wage Worker Make A Year - Minimum wage by state by year In the United States the minimum wage is set by U S labor law and a range of state and local laws 4 The first federal minimum wage was instituted in the National Industrial Recovery Act of 1933 signed into law by President Franklin D Roosevelt but later found to be unconstitutional 5 In 1938 the Fair Labor Standards Act established it at 25 an hour