Minimum wage vs Living wage

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Presentation transcript:

Minimum wage vs Living wage

Two key moments in U.S. history related to wage rates Minimum wage: history Two key moments in U.S. history related to wage rates

For many Ford workers, this policy more than doubled their pay Minimum wage: history In 1914, Henry Ford announced his $5 a day program for autoworkers at his factory (for an 8 hour day) For many Ford workers, this policy more than doubled their pay

At the time, there were no minimum wage laws in the U.S. Minimum wage: history At the time, there were no minimum wage laws in the U.S. Ford wanted to reduce worker turnover since training new workers was costly Ford’s policy was also likely motivated by a desire to discourage workers from organizing a union

Minimum wage: history The Fair Labor Relations Act (the legislation passed in 1938 as part of FDR’s New Deal) guaranteed a minimum wage for the first time in U.S. history. It was intended to help full-time workers avoid poverty and/or unfair treatment by employers.

Federal Minimum wage = $7.25 an hour Ohio Minimum wage = $8.15 an hour Minimum wage: Today States can set a minimum wage higher than the wage set by the federal government, but not below Federal Minimum wage = $7.25 an hour Ohio Minimum wage = $8.15 an hour

Minimum vs living Wage Living Wage Definition: A wage that is high enough to maintain a normal standard of living