5 Things You Didn’t Know About the Minimum Wage

Recent protests by fast food workers across the U.S. have spurred a national conversation about the Federal minimum wage. Many are labelling this compensation scheme the “starvation” wage — and rightly so. According to John Mason, a professor of politics at William Patterson University in New Jersey, “[The minimum wage] effectively places you at 30% below the official poverty budget.” In light of these recent events, we bring you five facts about the minimum wage that you probably didn’t know.

1. The national minimum wage is $7.25/hour.

If you work for 40 hours a week for 52 weeks, your income would be $15,080.

The poverty threshold for a family of 3 is $18,480.

2. If you work 40 hours a week and get paid minimum wage, you cannot afford rent for a two-bedroom apartment.

3. Contrary to popular belief, most minimum wage workers are not teenagers working part time for extra cash.

88.3% of minimum wage workers are 20 years of age or older,

vs. 11.7%, who are under 20 years of age.

4. Fast-preparation and serving-related occupations have the most workers paid the minimum wage.

5. In 1968, the minimum wage was $1.60.

Adjusted for inflation, that would be $10.56 today.

What are your thoughts on the current Federal minimum wage? Should it be raised? What should be done about it, if anything at all?