Wages, 1960-1969. Federal Minimum Wage. Chart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.hart from the U.S. Dept of Labor shows the first federal minimum wage law enacted in 1938 (25 cents), and all subsequent increases through 2009. States could enact minimum wage laws as well, if they wished to have a higher minimum than that specified by the federal government.
The deal is that you increase your superannuation balance (and pay 15% contributions tax, and for those earning an adjusted taxable income of more than $300,000, 30% tax on super contributions) while reducing the amount of income tax payable (up to 49% including Medicare levy) on your salary or wages.
Money can be put into your super fund by you, your employer, your spouse and sometimes even the Federal Government. Typically, if you are working, your employer will currently contribute at least 9.25% of your salary to your super fund. This is known as compulsory superannuation guarantee. This rate is set to increase gradually to reach 12% by 2020. Increasing the superannuation guarantee rate from 9.25% to 12%.