As the term suggests, this is the monthly salary or hourly wage paid for a job, irrespective of benefits, bonuses or overtime.
The Fair Labor Standards Act (FSLA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in public sectors: Federal, State, and local governments. The federal minimum wage in 2020 is $7.25 and has not changed since 2009. Although there are some states that have raised their minimum wage, entitling some workers to a higher rate of pay, in support of those earning the base rate.
The state minimum wage might be increased if the cost of living is notably higher than other areas of the country. For example, in 2019 the base wage rate in New York City was $15.00, whilst in other areas of the state this minimum wage was $11.80.