A bill to stabilize the economy and mitigate the effects of inflation by providing for minimum annual increases in wages.
Wages Adjustment Act - Requires all employers engaged in interstate commerce and subject to the tax on employers for old-age, survivors, and disability insurance or hospital benefits under the Internal Revenue Code to annually increase the salaries of their employees in line with changes in the price index from the base year of 1973.
Allows a passthrough of such salary costs by employers in their prices.
Requires an annual increase in the minimum wage to reflect such price index change.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
Referred to Senate Committee on Labor and Public Welfare.
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