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Its no secret that there are disparities between income groups and that wages have struggled to keep up withinflation.
These are the main results, as well as some key factors for whywages have changed over time.
Thelow-wage and middle-wage 10th and 40th-60th percentiles, respectively saw the least amount of growth.
Notably, wage growth outpaced inflation from 2019 to 2023 during the COVID-19 pandemic.
It was just 0.8% in June 2024.
One of the big ones was theFair Labor Standards Act(FLSA).
The FLSA is what establishes important compensation standards such as minimum wage, overtime pay and prohibiting child labor.
However, there are some exceptions here and there, said Ben Michael, attorney atMichael & Associates.
One example of this is overtime pay rights and how theyre not equally applicable to all workers.
On one hand, temporary employees are subject to overtime pay just like full-time employees.
However, there are a handful of particular professions which simply dont fall under those protections.
These include lawyers, teachers, doctors, some outside sales professionals and some computer professionals.
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