What is the current federal minimum wage, how is it created, and when was the last...

What is the current federal minimum wage, how is it created, and when was the last time it was changed?
Explain how the minimum wage is related to the cost of living, i.e. what is the real minimum wage?

Expert Solution

Ans:-1)The minimum wage means the minimum amount of remuneration given by the employer to the employee for the work done during a given period of time, that cannot be reduced by collective agreement or an individual contract.The minimum wage can be created by law ,choice of capable authority,wage board/council, or by industrial court or tribunal.It is also fixed by joint agreement by law. The aim of this act is to protect the employees against wage descrimination.The federal minimum wage was last changed on 2009 July 24 that is $7.25/hour.

Ans:-2) The minimum wage and cost of living are related to each other.Several state /cities rising minimum wage level and executed overtime work that sometimes causes price inflation.It also noted that low level of increasing minimum wage not resulted high price and may perhaps decrease price .The cost of living is always higher than the minimum wage.So they are related to each other.

Rahul Sunny answered 2 years ago

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