The Truthful Labor Requirements Act (FLSA) is a federal regulation that units minimal wage, time beyond regulation 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 a number of advantages for employees and the economic system as a complete. 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 raise 1.3 million folks out of poverty, together with 500,000 youngsters. Second, it could increase 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.
