Title: 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.
Policy area: Labor and Employment

Summary:
This bill requires employers with annual revenue of at least $1 billion to increase the minimum wage for their employees over a 5-year period. The requirement does not apply to tipped employees.

[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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