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Release Table for 2024, Release Tables: Federal and State Minimum Wage Rates, Annual. FRED: Download, graph, and track economic data.
The federal minimum wage for covered nonexempt employees is $7.25 per hour. Many states also have minimum wage laws. In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.
As we step into 2024, navigating the shifting rules of minimum wage laws across various states becomes more than a mere compliance exercise—it’s a strategic imperative. This article serves as...
Under the default option, the first incremental increase in the minimum wage occurs in July 2024. Five years later, in July 2029, the minimum wage reaches its target of $17 per hour. Thereafter, it is indexed to the median hourly wage.
Beginning on January 1, 2024, the Executive Order 14026 minimum wage rate that generally must be paid to workers performing work on or in connection with covered contracts will increase to $17.20 per hour.
On January 16, 2019, Sen. Bernie Sanders (I-Vt.) and Rep. Bobby Scott (D-Va.) announced that they would introduce the Raise the Wage Act of 2019, a bill that would raise the federal minimum wage in six steps to $15 per hour by 2024.
The federal minimum wage in 2024 is $7.25 per hour. However, the tipped wage rate is $2.13 per hour, so long as each employee earns enough actual tips during the workweek to make up the other $5.12 per hour.
The current federal minimum wage is $7.25 per hour. States with their own hourly wage requirements may exceed this rate, but employers specifically covered by the Fair Labor Standards Act (FLSA) must adhere to the federal minimum wage.
Going into 2024, 20 states used the federal minimum wage rate of $7.25, and 30 states provided for state minimum wages above the federal minimum wage. After 2024 increases, minimum wages were set to be highest in Washington ($17.00 per hour) and California ($16.00 per hour).
Beginning on that date, the Executive Order 13658 minimum wage rate that generally must be paid to workers performing work on or in connection with covered contracts will increase to $13.30 per hour, while the required minimum cash wage that generally must be paid to tipped employees performing work on or in connection with covered contracts ...