The federal law which applies to minimum wage and overtime pay is known as the Fair Labor Standards Act. The Fair Labor Standards Act sets the national standard of minimum wage. As of today's date, the minimum wage is $7.25 per hour. It is important to note that some states have a higher minimum wage. When the state has this higher amount, this is the minimum wage that a business must pay when operating in that state. In addition, the Fair Labor Standards Act mandates that covered employers of covered employees pay an overtime amount of at least one and a half the hourly rate. This Act also includes provisions relating to employment of minors. Finally, the Fair Labor Standards Act provides that some industries are completely exempt from minimum wage provisions, such as certain types of agricultural employees.