The Honest Labor Requirements Act (FLSA) is a federal legislation that units minimal wage, extra time pay, recordkeeping, and youth employment requirements for workers in the USA. The FLSA’s minimal wage has been $7.25 per hour since July 24, 2009. In 2023, the Biden administration proposed elevating the federal minimal wage to $15 per hour by 2025. Nonetheless, this proposal has not but been handed by Congress.
Elevating the FLSA minimal wage to $15 per hour would have an a variety of benefits for staff and the financial system as an entire. First, it might assist to cut back poverty and inequality. In accordance with the Middle on Finances and Coverage Priorities, elevating the minimal wage to $15 per hour would elevate 1.3 million folks out of poverty, together with 500,000 kids. Second, it might enhance financial development. A examine by the Financial Coverage Institute discovered that elevating the minimal wage to $15 per hour would enhance GDP by $100 billion and create 1.3 million new jobs.
