What Is Minimum Wage?

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The minimum wage in the United States will depend on the state and city, though the federal minimum wage is used to set a standard. Check with the Department of Labor for the city to get information on current minimum wages with advice from a financial adviser in this free video on minimum wage.

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Video Transcript

Have you ever wondered what the minimum hourly wage is? Hi this is Roger Groh at Groh Asset Management. Well that varies widely depending upon the state and the city in which you work. Examples, federally the minimum wage is $6.55 but in San Francisco beginning this year the rate is $9.36. Is there an advantage to minimum wage? Well maybe just setting a floor for what employers are expected to give and pay to employees. Is there a disadvantage? Sure we know that wages are much cheaper outside the United States and every time they go up a penny here those other wages look even better so jobs may be lost as a result of increasing minimum wages. Hope that helps. The best thing to do is go to the Department of Labor in the United States or the Department of Labor in the city in which you work and look at the minimums that come your way. I'm Roger Groh at Groh Asset. Thank you very much for spending time with me.

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