[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 555 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 555
To amend the Fair Labor Standards Act of 1938 to increase the Federal
minimum wage for employers with at least $1,000,000,000 in annual
revenue, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 3, 2021
Mr. Hawley introduced the following bill; which was read twice and
referred to the Committee on Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To amend the Fair Labor Standards Act of 1938 to increase the Federal
minimum wage for employers with at least $1,000,000,000 in annual
revenue, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. MINIMUM WAGE INCREASE FOR EMPLOYERS WITH HIGH ANNUAL
REVENUES.
Section 6 of the Fair Labor Standards Act of 1938 (29 U.S.C. 206)
is amended by adding at the end the following:
``(h) Employers With High Annual Revenues.--
``(1) In general.--Except as described in paragraph (3),
for purposes of this Act, in the case of an employer described
in paragraph (2), the minimum wage rate provided for in,
prescribed in, and in effect under subsection (a)(1) with
respect to the employees of such employer shall be--
``(A) $9.50 an hour, beginning on the first day of
the third month that begins after the date of enactment
of this subsection;
``(B) $11.00 an hour, beginning 1 year after such
first day;
``(C) $12.50 an hour, beginning 2 years after such
first day;
``(D) $14.00 an hour, beginning 3 years after such
first day;
``(E) $15.00 an hour, beginning 4 years after such
first day; and
``(F) beginning on the date that is 5 years after
such first day, and annually thereafter, the amount
determined by the Secretary under paragraph (4).
``(2) Employer.--An employer described in this paragraph is
an employer with an annual revenue that is not less than
$1,000,000,000.
``(3) Tipped employees.--Paragraph (1) shall not apply with
respect to determining the wage an employer described in
paragraph (2) is required to pay a tipped employee under
section 3(m)(2).
``(4) Determination based on increase in the median hourly
wage of all employees.--
``(A) In general.--Not later than each date that is
90 days before a new minimum wage determined under
paragraph (1)(F) is to take effect, the Secretary shall
determine the minimum wage to be in effect under this
paragraph for each period described in paragraph
(1)(F). The wage determined under this paragraph for a
year shall be--
``(i) not less than the amount in effect
under paragraph (1) on the date of such
determination;
``(ii) increased from such amount by the
annual percentage increase, if any, in the
median hourly wage of all employees as
determined by the Bureau of Labor Statistics;
and
``(iii) rounded up to the nearest multiple
of $0.05.
``(B) Calculating annual percentage increase.--In
calculating the annual percentage increase in the
median hourly wage of all employees for purposes of
subparagraph (A)(ii), the Secretary, through the Bureau
of Labor Statistics, shall compile data on the hourly
wages of all employees to determine such a median
hourly wage and compare such median hourly wage for the
most recent year for which data are available with the
median hourly wage determined for the preceding
year.''.
SEC. 2. EFFECTIVE DATE.
The amendments made by section 1 shall take effect on the first day
of the third month that begins after the date of enactment of this Act.
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