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Are there any laws about the businesses that mandates them to pay at least a minimum specified wage to their employees?

I mean something like: A CEO should at least has $5k/month, or an engineer should paid more than $3k per month.

Also in addition to my previous question, I like to know if there is any law against hiring people for specific positions? For example a company can not hire a person with no academic certification as a CEO/CTO/engineer/etc.

If non of them is correct, does it mean that a company can hire a person with any knowledge/experience to work on any position of that company and pay him/her as much as both agreed and satisfied?

PS: I am completely speaking about non-governmental companies.

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    I’m voting to close this question because it is not about personal finance and money but instead about business and law.
    – Dilip Sarwate
    Commented Nov 7, 2021 at 2:39
  • 1
    @DilipSarwate: I'm also voting to close too. Besides Dilip's points, it has other flaws: confusing profession (engineer) with position (CEO), mixing issues about salary with professional regulations. It's also pretty general and I don't see it will be that useful.
    – Quora Feans
    Commented Nov 7, 2021 at 2:45

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Legally, you can pay someone whatever you'd like so long as you follow minimum wage laws. Normally, there are state and federal minimums. Sometimes there are local (city or county) minimums. Usually there are different limits for tipped employees, provisions for employing severely handicapped individuals, etc. But there are no laws that specify that an engineer has to be paid x or a CEO has to be paid y.

Many jobs are regulated-- you can't hire a guy off the street to be a neurosurgeon in your hospital unless that person is a medical doctor. But you can hire whoever you'd like to be the CEO (though hiring the proverbial guy off the street will probably lead to some pointed questions from shareholders).

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  • Thank you very much for your answer. If I want to hire my friend as CEO of my company and pay it as low as $100/mo and he accepts this, with getting no equity in company, is it possible?
    – GoodMan
    Commented Nov 7, 2021 at 5:59
  • @GoodMan - I struggle to imagine why either of you would want to strike this deal. But sure. Plenty of CEOs work for a $1 annual salary.
    – Justin Cave
    Commented Nov 7, 2021 at 7:07
  • @GoodMan sure that's possible. But it seems like a bad deal for both sides. The CEO because he's essentially working for free. And the company because the CEO's incentives aren't aligned with the success of the company through equity
    – Daniel
    Commented Nov 7, 2021 at 15:28

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