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AbstractAbstract to be provided once final paper revisions are complete IntroductionMinimum wage is generally categorized as the lowest remuneration anemployer may pay to an employee for work performed The laws thatgovern minimum wage bring about the legal definition for wages that arepaid to specific groups of workers each hour Neumark et al 2008 Policies surrounding minimum wage have emerged in the United Statesbeginning with the passage of the Fair Labor Standards Act of 1938 orFLSA United States Department of Labor 2009 President FranklinRoosevelt signed the Act into Law on June 25th in 1938 Even though theinitial wage per hour was 025 in 1938 22 amendments enacted since theinitial passage have slowly raised the minimum wage rate to 725 as of2009 The FLSA requires employers to comply with either the federalminimum wage or state-specific law identifying a minimum wage valuewhichever is greater As of 2014 there are 44 states to self-proclaimstate-specific minimum wages with 21 states identifying wages higherthan required by federal lawThe laws involved in minimum wage requirements prevent employers frompaying wages below a mandated level The original intention ofimplementing the minimum wage law was to protect workers from employerexploitation and reduce poverty Gupta 1999 Some policy makers arguecompanies elect to simply absorb the costs of minimum wage increasesthrough reduced profits Neumark et al 2008 This stance is oftenopposed by arguments that minimum wage laws bring about unnecessaryhardships for the people they are designed to help Neumark et al2008 Low-skilled workers are priced out of the labor market reducingemployment opportunities United States Joint Economic Committee 1995 With an added cost of employment wages caused by the rate increaseemployers make business adjustments to equalize net earnings Starr2011 Such a situation takes place through events such as hiringreductions cutting employee work hours reducing benefits and charginghigher prices on end products These responses in business behavioralter the positive labor market often touted by policy makersThe affect
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