How Much Does The Average 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
So 7 25 40 290 The total federal weekly minimum wage is therefore 290 2 Monthly minimum wage Employees calculate the monthly minimum wage by multiplying the weekly minimum wage by the number of weeks in a month Therefore 290 4 333 1 256 57 The total federal monthly minimum wage is 1 256 57 3 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
How Much Does The Average Minimum Wage Worker Make A Year
How Much Does The Average Minimum Wage Worker Make A Year
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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 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
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 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
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For the first three decades after the minimum wage was established in 1938 it roughly kept pace with average wage and with productivity growth rising from 25 cents at the outset to 1 60 in 1968 The federal minimum wage was raised to 5 15 an hour effective September 1 1997 It remained at that level for nearly a decade The value of 5 15 in 1997 was equal to the buying power of 8 24
A minimum wage of not less than 4 25 may be paid to employees under age 20 for their first 90 consecutive calendar days of employment as long as their employment does not displace other workers Fact Sheet on Hours Worked Under the Fair Labor Standards Act Provides general information concerning what constitutes compensable time under the FLSA The federal minimum wage is 7 25 per hour This rate applies to covered nonexempt workers The minimum wage for employees who receive tips is 2 13 per hour The amount of tips plus the 2 13 must reach at least 7 25 per hour If not your employer must pay to make up the difference
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How Much Does The Average Minimum Wage Worker Make A Year - In 2022 the average annual wages in the United States came to 77 643 U S dollars The number has grown incrementally over the last decades with the annual average having been 57 499 U S dollars