Over the years the topic of minimum wage has been a very debatable; some believe that the rate is sufficient and others feel its not enough. In todays society we live in a economy where the price of living is growing at rapid rate but the minimum wage is not enough to satisfy the price of living today. Minimum wage should be increased so that employees could meet their needs in todays economy. To begin with Minimum wage is the lowest compensation paid to employees based on what is believed to be the basic living wages necessary for a person living in a articular place, region or doing a certain Job.
Minimum wages was introduced to avoid exploitation by the employers and to improve the standard of the employee’s life, remove poverty and help business to become more efficient. There are differences in the minimum wages paid out in the different States: while some are equal to the federal rates, many others pay higher rates and a few pay lower rates than the federal minimum wage. These rates are meant for those employees who are on-exempt and fall under the provisions of the Fair Labor Standards Act (ELSA).
In the U. S. , the minimum wages have risen from $ 0. 25 in 1938 to the present federal rate at $7. 25 per hour. In Florida the current minimum wage rate is $7. 79 and although it’s higher than the federal rate by 54 cents it’s still not sufficient. The average employee part time employee is allowed 29 hours per which is $225. 91 per week and the full time employee allowed up to 40 hours per week, which is $311. 60. the