The Truthful Labor Requirements Act (FLSA) is a federal regulation that units minimal wage, additional time pay, recordkeeping, and youth employment requirements for workers in the US. 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 could assist to cut back poverty and inequality. In line with the Heart on Funds and Coverage Priorities, elevating the minimal wage to $15 per hour would carry 1.3 million folks out of poverty, together with 500,000 youngsters. Second, it could enhance financial progress. A research by the Financial Coverage Institute discovered that elevating the minimal wage to $15 per hour would improve GDP by $100 billion and create 1.3 million new jobs.
