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What Is the Minimum Wage?
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make financial decisions without hesitation. And while our site doesn't feature every company or financial product available in the marketplace, we're proud that the guidance we offer and the information we offer as well as the tools we design are independent, objective simple, and cost-free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on our website) however it in no way affects our recommendations or advice that are based on many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .
What is the Minimum Wage?
Minimum wages, tipped minimums as well as median wages and pay gaps vary by state.
By Anna Helhoski Senior Writer | Financial news, consumer finance trends as well as loans for college students loan credit Anna Helhoski is a senior writer covering economic news and current trends in the field of consumer finance at NerdWallet. Additionally, she is an expert on student loans. She joined NerdWallet in 2014. Her work has been featured on The Associated Press, The New York Times, The Washington Post and USA Today. She was previously a reporter for local news in the New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree of journalism at Purchase College, State University of New York.
Jan 23, 2023
Written by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news operations and manages the team responsible to expand NerdWallet content to additional topics within personal finance.
Previously, he has worked as a channel manager at MSN.com and as a web administrator at University of California San Diego and as an editor for copy and staff writer at The Los Angeles Times. He has an undergraduate degree in Arts in communication and a master of Arts in anthropology.
A majority of the items featured on this page are from our partners who pay us. This affects the products we write about and the location and manner in which the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
Show More
Federal minimum wages of $7.25 per hour has not changed since 2009, despite an increase in the cost of living which has accelerated into skyrocketing inflation in the last year.
Thirty-three states and Washington, D.C., have minimum wages set above the federal minimum.
Minimum wage in time
The minimum wage has not been able to keep pace with inflation when you look at the nominal wage (not adjusted to inflation) versus their spending power in 2022 numbers (adjusted for inflation).
Since the minimum wage in the federal government has not changed since 2009, its actual purchasing power has dwindled dramatically. The lower purchasing power means that it's harder for workers to live on a minimum wage.
State minimum wage
The minimum wage differs by state. Five states do not have minimum wage law, but Federal minimum wages still is applicable to them. They include Alabama, Louisiana, Mississippi, South Carolina and Tennessee. In certain states there is a minimum wage that is more, depending on the state's minimum wage laws. or region within the state has an upper minimum.
Is raising the minimum wage going to create inflation?
No. Federal minimum wages are determined by the government and does not directly correlate with inflation. The current inflationary conditions were not due to an increase in the federal minimum wage. The minimum wage has not changed since 2009.
Are all workers paid at an hourly wage?
The workers who are covered by the Fair Labor Standards Act must be paid at least the federal minimum wage and can earn higher when the state's minimum wage is higher.
According to the Department of Labor, workers who are not covered under the FLSA and who can be paid less than minimum wage, are:
Workers of specific seasonal amusement or leisure establishments.
Employees of certain small newspapers or newspaper delivery employees.
Seamen employed on foreign vessels, or those involved in fishing activities.
Certain farmworkers.
Casual babysitters.
Companions to older individuals or those with disabilities.
Professional, executive and administrative employees.
These workers are also exempt from overtime pay. (Learn more about who is -- and isn't for overtime pay on the .)
Does the minimum wage count tips?
The employees who are tipped depend on tips from customers to boost their earnings. The average tipped employee receives more than $30 in monthly tips, according to the Department of Labor.
Tipped employees must receive an hourly minimum wage of $2.13 for an hour. It is known as cash wages. This cash wage is paired with tips to reach the federal minimum wage of $7.25 an hour. Those tips are considered a "tip credit," that allows companies to compensate employees below the federal minimum wage.
Employers can give as much as $5.12 per hour of tips towards a worker's wages. If an employee's wages (at minimum $2.13 an hour) plus tips are lower than $7.25 per hour, their employer is required to make the gap.
The amount of tipping required and the minimum tip credits differ by state and even city.
Washington, D.C., has the most tipped workers' minimum wage of all workers in the United States. At the time of the 2022 elections, Washington, D.C. residents voted to incrementally increase their minimum wages to tipped employees every year until July 1st 2027. After that, the tipped minimum will be set to match the same minimum as the minimum wage for nontipped workers that year. The minimum wage currently for tipped workers is $5.35 an hour to tipped workers , and $16.10 on nontipped staff.
State-mandated minimum wage is tipped.
Which states are increasing their minimum wages?
Each each year 14 states, plus Washington, D.C., automatically increase the minimum wage in line with the rise of inflation. These increases are usually linked to the U.S. Bureau of Labor Statistics' , or CPI. If the index isn't changing then neither will the wage. Certain states have annual caps on annual inflation increases, like California (3.5%), Minnesota (2.5%) and Vermont (5%).
States that tie minimum wage increases to inflation adjustments their wages on January. 1, unless specified, as per the . Those states include:
Alaska.
Arizona.
California.
Colorado.
District of Columbia (adjusts July 1).
Maine.
Minnesota.
Montana.
New Jersey.
New York (adjusts Dec. 31).
Ohio.
Oregon (adjusts July 1).
South Dakota.
Vermont.
Washington.
Connecticut is set to index wages to inflation beginning January. 1in 2024.
Increases in minimum wage
What is the median household income within the U.S.?
The median household income of a single person is $70,784, according data from the latest U.S. Census Bureau population survey data for 2021.
State median income
>> MORE:
What is the gender pay disparity?
Women are consistently earning less than men. In 2020 the women earned 83 cents on every dollar men earned, as per the Census Bureau.
Among men and women who were employed full-time, throughout the year in the year of 2019 (the most recent data from the Census Bureau's American Community Survey), the national median earnings gap was $10,150 and men earned an average of $53,544 and women earning a median of $43,394.
The wage gap is widening as you examine each state. The states that have the largest average wage gaps between men and women include:
Wyoming: $21,676.
Utah: $17,303.
District of Columbia: $16,032.
Louisiana: $14,926.
Washington: $14,609.
The states with the lowest median wage gap between men and women include:
Vermont: $4,600.
Nevada: $6,013.
Hawaii: $7,022.
California: $7,162.
Maryland: $7,594.
Which is the most significant gender pay gap in your area?
A gender pay gap is present for women with low levels of education. In the case of workers who have less than a high school diploma the average wage for women was an average of 66 cents per dollar that men earned, according to the U.S. Government Accountability Office.
Here are the most current median earnings differences in terms of degree, based on gender and race, compiled from the National Center for Education Statistics.
Gender
Associate degree median earnings
Median earnings of a bachelor's degree
Master's degree median earnings
Men
$48,390.
$63,950.
$84,010.
Women
$34,780.
$50,000.
$60,930.
Race
Associate degree median earnings
Median earnings for bachelor's degrees
Median earnings for master's degrees
Asian
$39,130.
$59,910.
$85,000.
Black
$35,850.
$44,300.
$53,540.
Hispanic
$38,890.
$45,160.
$59,370.
White
$44,500.
$59,600.
$69,560.
What is the racial wage disparity?
The wage disparities are stark when they are broken down according to races or ethnicity Department of Labor data indicates. When compared with every dollar made for white people:
Latino/Hispanic workers make 73 cents.
Black workers earn 76 cents.
Native American Indians earn the equivalent of 77 cents.
Multiracial workers earn the equivalent of 81 cents.
Asian-Pacific Islander workers earn $1.12.
What is the gender-based racial wage gap?
Pay gap between men and women is exacerbated further due to the racial wage disparity, according to data by the Government Accountability Office. When you consider every dollar made by white men:
Latina/Hispanic women earn the equivalent of 58 cents.
Black women make the equivalent of 63 cents.
Women who are white earn 79 cents.
Asian women earn 97 cents.
What is what is the LGBTQ+ gender or gender identity pay gap?
Gender and gender identity among LGBTQ+ workers also tends to affect earnings, according to an analysis of salaries by the Human Rights Campaign. LGBTQ+ workers tend to earn 90 cents for every dollar that a typical worker earns (as in, full-time private and public sector workers who are not farmers). According to the Human Rights Campaign data, when compared to every dollar earned by a typical worker:
Men in the LGBTQ+ community earn an average of 96 cents.
Women from that LGBTQ+ community earn 87 cents.
Genderfluid, genderqueer, nonbinary and two-spirit workers make 70 cents.
Trans men earn 70 cents.
Trans women make 60 cents.
The author's bio: Anna Helhoski is a writer and NerdWallet's authority regarding student loans. Her writing has been featured in The Associated Press, The New York Times, The Washington Post and USA Today.
Similar to...
Dive even deeper in Personal Finance
Take all the appropriate money moves
In the event you loved this post and you want to receive details regarding $255 Payday Loans Online Same Day (creditnd.ru) assure visit our own web page.
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make financial decisions without hesitation. And while our site doesn't feature every company or financial product available in the marketplace, we're proud that the guidance we offer and the information we offer as well as the tools we design are independent, objective simple, and cost-free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and where those products appear on our website) however it in no way affects our recommendations or advice that are based on many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .
What is the Minimum Wage?
Minimum wages, tipped minimums as well as median wages and pay gaps vary by state.
By Anna Helhoski Senior Writer | Financial news, consumer finance trends as well as loans for college students loan credit Anna Helhoski is a senior writer covering economic news and current trends in the field of consumer finance at NerdWallet. Additionally, she is an expert on student loans. She joined NerdWallet in 2014. Her work has been featured on The Associated Press, The New York Times, The Washington Post and USA Today. She was previously a reporter for local news in the New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree of journalism at Purchase College, State University of New York.
Jan 23, 2023
Written by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news operations and manages the team responsible to expand NerdWallet content to additional topics within personal finance.
Previously, he has worked as a channel manager at MSN.com and as a web administrator at University of California San Diego and as an editor for copy and staff writer at The Los Angeles Times. He has an undergraduate degree in Arts in communication and a master of Arts in anthropology.
A majority of the items featured on this page are from our partners who pay us. This affects the products we write about and the location and manner in which the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
Show More
Federal minimum wages of $7.25 per hour has not changed since 2009, despite an increase in the cost of living which has accelerated into skyrocketing inflation in the last year.
Thirty-three states and Washington, D.C., have minimum wages set above the federal minimum.
Minimum wage in time
The minimum wage has not been able to keep pace with inflation when you look at the nominal wage (not adjusted to inflation) versus their spending power in 2022 numbers (adjusted for inflation).
Since the minimum wage in the federal government has not changed since 2009, its actual purchasing power has dwindled dramatically. The lower purchasing power means that it's harder for workers to live on a minimum wage.
State minimum wage
The minimum wage differs by state. Five states do not have minimum wage law, but Federal minimum wages still is applicable to them. They include Alabama, Louisiana, Mississippi, South Carolina and Tennessee. In certain states there is a minimum wage that is more, depending on the state's minimum wage laws. or region within the state has an upper minimum.
Is raising the minimum wage going to create inflation?
No. Federal minimum wages are determined by the government and does not directly correlate with inflation. The current inflationary conditions were not due to an increase in the federal minimum wage. The minimum wage has not changed since 2009.
Are all workers paid at an hourly wage?
The workers who are covered by the Fair Labor Standards Act must be paid at least the federal minimum wage and can earn higher when the state's minimum wage is higher.
According to the Department of Labor, workers who are not covered under the FLSA and who can be paid less than minimum wage, are:
Workers of specific seasonal amusement or leisure establishments.
Employees of certain small newspapers or newspaper delivery employees.
Seamen employed on foreign vessels, or those involved in fishing activities.
Certain farmworkers.
Casual babysitters.
Companions to older individuals or those with disabilities.
Professional, executive and administrative employees.
These workers are also exempt from overtime pay. (Learn more about who is -- and isn't for overtime pay on the .)
Does the minimum wage count tips?
The employees who are tipped depend on tips from customers to boost their earnings. The average tipped employee receives more than $30 in monthly tips, according to the Department of Labor.
Tipped employees must receive an hourly minimum wage of $2.13 for an hour. It is known as cash wages. This cash wage is paired with tips to reach the federal minimum wage of $7.25 an hour. Those tips are considered a "tip credit," that allows companies to compensate employees below the federal minimum wage.
Employers can give as much as $5.12 per hour of tips towards a worker's wages. If an employee's wages (at minimum $2.13 an hour) plus tips are lower than $7.25 per hour, their employer is required to make the gap.
The amount of tipping required and the minimum tip credits differ by state and even city.
Washington, D.C., has the most tipped workers' minimum wage of all workers in the United States. At the time of the 2022 elections, Washington, D.C. residents voted to incrementally increase their minimum wages to tipped employees every year until July 1st 2027. After that, the tipped minimum will be set to match the same minimum as the minimum wage for nontipped workers that year. The minimum wage currently for tipped workers is $5.35 an hour to tipped workers , and $16.10 on nontipped staff.
State-mandated minimum wage is tipped.
Which states are increasing their minimum wages?
Each each year 14 states, plus Washington, D.C., automatically increase the minimum wage in line with the rise of inflation. These increases are usually linked to the U.S. Bureau of Labor Statistics' , or CPI. If the index isn't changing then neither will the wage. Certain states have annual caps on annual inflation increases, like California (3.5%), Minnesota (2.5%) and Vermont (5%).
States that tie minimum wage increases to inflation adjustments their wages on January. 1, unless specified, as per the . Those states include:
Alaska.
Arizona.
California.
Colorado.
District of Columbia (adjusts July 1).
Maine.
Minnesota.
Montana.
New Jersey.
New York (adjusts Dec. 31).
Ohio.
Oregon (adjusts July 1).
South Dakota.
Vermont.
Washington.
Connecticut is set to index wages to inflation beginning January. 1in 2024.
Increases in minimum wage
What is the median household income within the U.S.?
The median household income of a single person is $70,784, according data from the latest U.S. Census Bureau population survey data for 2021.
State median income
>> MORE:
What is the gender pay disparity?
Women are consistently earning less than men. In 2020 the women earned 83 cents on every dollar men earned, as per the Census Bureau.
Among men and women who were employed full-time, throughout the year in the year of 2019 (the most recent data from the Census Bureau's American Community Survey), the national median earnings gap was $10,150 and men earned an average of $53,544 and women earning a median of $43,394.
The wage gap is widening as you examine each state. The states that have the largest average wage gaps between men and women include:
Wyoming: $21,676.
Utah: $17,303.
District of Columbia: $16,032.
Louisiana: $14,926.
Washington: $14,609.
The states with the lowest median wage gap between men and women include:
Vermont: $4,600.
Nevada: $6,013.
Hawaii: $7,022.
California: $7,162.
Maryland: $7,594.
Which is the most significant gender pay gap in your area?
A gender pay gap is present for women with low levels of education. In the case of workers who have less than a high school diploma the average wage for women was an average of 66 cents per dollar that men earned, according to the U.S. Government Accountability Office.
Here are the most current median earnings differences in terms of degree, based on gender and race, compiled from the National Center for Education Statistics.
Gender
Associate degree median earnings
Median earnings of a bachelor's degree
Master's degree median earnings
Men
$48,390.
$63,950.
$84,010.
Women
$34,780.
$50,000.
$60,930.
Race
Associate degree median earnings
Median earnings for bachelor's degrees
Median earnings for master's degrees
Asian
$39,130.
$59,910.
$85,000.
Black
$35,850.
$44,300.
$53,540.
Hispanic
$38,890.
$45,160.
$59,370.
White
$44,500.
$59,600.
$69,560.
What is the racial wage disparity?
The wage disparities are stark when they are broken down according to races or ethnicity Department of Labor data indicates. When compared with every dollar made for white people:
Latino/Hispanic workers make 73 cents.
Black workers earn 76 cents.
Native American Indians earn the equivalent of 77 cents.
Multiracial workers earn the equivalent of 81 cents.
Asian-Pacific Islander workers earn $1.12.
What is the gender-based racial wage gap?
Pay gap between men and women is exacerbated further due to the racial wage disparity, according to data by the Government Accountability Office. When you consider every dollar made by white men:
Latina/Hispanic women earn the equivalent of 58 cents.
Black women make the equivalent of 63 cents.
Women who are white earn 79 cents.
Asian women earn 97 cents.
What is what is the LGBTQ+ gender or gender identity pay gap?
Gender and gender identity among LGBTQ+ workers also tends to affect earnings, according to an analysis of salaries by the Human Rights Campaign. LGBTQ+ workers tend to earn 90 cents for every dollar that a typical worker earns (as in, full-time private and public sector workers who are not farmers). According to the Human Rights Campaign data, when compared to every dollar earned by a typical worker:
Men in the LGBTQ+ community earn an average of 96 cents.
Women from that LGBTQ+ community earn 87 cents.
Genderfluid, genderqueer, nonbinary and two-spirit workers make 70 cents.
Trans men earn 70 cents.
Trans women make 60 cents.
The author's bio: Anna Helhoski is a writer and NerdWallet's authority regarding student loans. Her writing has been featured in The Associated Press, The New York Times, The Washington Post and USA Today.
Similar to...
Dive even deeper in Personal Finance
Take all the appropriate money moves
In the event you loved this post and you want to receive details regarding $255 Payday Loans Online Same Day (creditnd.ru) assure visit our own web page.
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