ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Which State Has the Lowest Minimum Wage? The two states with the lowest minimum wage are Georgia and Wyoming, both sitting at $5.15; however, employers in Georgia and Wyoming that are subject to the Fair Labor Standards Act must still pay the $7.25 Federal minimum wage.

Detailed explanation-2: -A minimum wage is the lowest remuneration that employers can legally pay their employees-the price floor below which employees may not sell their labor.

Detailed explanation-3: -The federal minimum wage for covered nonexempt employees is $7.25 per hour. Many states also have minimum wage laws. In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.

Detailed explanation-4: -Minimum wages have been defined as the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract.