What has been the federal minimum wage rate per hour since July 24, 2009?

Since July 24, 2009, the federal minimum wage rate has been set at $7.25 per hour. This figure was established under the Fair Labor Standards Act (FLSA) and is significant because it marks the highest wage set by the federal government specifically for the purpose of ensuring a basic standard of living for workers. Adjustments to the minimum wage typically occur through legislative processes, which can be influenced by factors such as inflation and cost of living considerations, but the rate has remained at $7.25 since it was implemented in 2009. Understanding this minimum wage is crucial for compliance with labor laws, calculating employee wages, and assessing overall economic trends.