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Running Head: WAGE RATE
1
Wage Rate
Name
Institution
WAGE RATE
2
Introduction
A wage is a form of compensation in monetary form paid by an employer to an employee that
can be calculated hourly, daily, and weekly or in piecework basis. It is considered as part of the
operation costs of a business. In the United States, approximately 56% of the employees earn
hourly wages. The federal minimum wage rate was set at $5.15 an hour in 1998 but it raised to
$7.25 in the year 2010 and that is where it stands up to date. The federal law gives the states the
freedom to adjust their wage rates but only the higher rate applies. This means that the state wage
rate can be higher than the federal rate but in the case where they set a lower rate, then the
federal rate wil...
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