One of the other things to consider on this... that $27.63 isn't a minimum wage but rather a "if you are paid less than this, you get time and a half overtime for hours worked beyond 40 in a work week."
> Not later than 90 days after the date of enactment of this Act, the Secretary of Labor shall promulgate regulations that permit computer systems analysts, computer programmers, software engineers, and other similarly skilled professional workers as defined in such regulations to qualify as exempt executive, administrative, or professional employees under section 13(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 213(a)(1)). Such regulations shall provide that if such employees are paid on an hourly basis they shall be exempt only if their hourly rate of pay is at least 6 1/2 times greater than the applicable minimum wage rate under section 6 of such Act (29 U.S.C. 206).
(note, there may be transcription errors above)
The federal minimum wage in 1990 was $3.80. In 1996, this value was frozen at $27.63 which was 6.5x the federal minimum wage of $4.25 at that time.
If it was not frozen, that value would be $47.13 today.
This is one of those things that hasn't been updated in a long time. The original law was https://www.congress.gov/101/statute/STATUTE-104/STATUTE-104... from 1990:
> Not later than 90 days after the date of enactment of this Act, the Secretary of Labor shall promulgate regulations that permit computer systems analysts, computer programmers, software engineers, and other similarly skilled professional workers as defined in such regulations to qualify as exempt executive, administrative, or professional employees under section 13(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 213(a)(1)). Such regulations shall provide that if such employees are paid on an hourly basis they shall be exempt only if their hourly rate of pay is at least 6 1/2 times greater than the applicable minimum wage rate under section 6 of such Act (29 U.S.C. 206).
(note, there may be transcription errors above)
The federal minimum wage in 1990 was $3.80. In 1996, this value was frozen at $27.63 which was 6.5x the federal minimum wage of $4.25 at that time.
If it was not frozen, that value would be $47.13 today.