The "Living Wage For All Act" seeks to establish a federal minimum wage that aligns with a living wage, specifically targeting two-thirds of the national median hourly wage. This standard aims to ensure that wages keep pace with economic conditions and prevent erosion of purchasing power. The bill mandates a phased increase, with large, highly profitable corporations leading the transition, followed by other employers. For large employers , defined as those with $1 billion or more in annual gross revenues or 500+ employees, the minimum wage would increase incrementally from $12.00 in 2026 to $25.00 per hour by 2031. Other employers would follow a longer phase-in schedule, reaching $25.00 per hour by 2038. Once the minimum wage reaches two-thirds of the national median hourly wage, it will be automatically adjusted annually to maintain this ratio, using data from the Bureau of Labor Statistics and Congressional Budget Office projections. A significant provision of the bill is the gradual elimination of all subminimum wages. This includes a phased increase of the cash wage for tipped employees , ensuring they eventually receive the full minimum wage, while also guaranteeing their right to retain all tips. Similarly, separate subminimum wages for youth workers under 20 and workers with disabilities would be phased out over several years, with new special certificates for disability wages prohibited after the bill's enactment. The legislation also expands the definition of "employee" under the Fair Labor Standards Act to include incarcerated workers employed by public or private correctional facilities. This ensures they are covered by minimum wage protections, with specific exclusions for board, lodging, or court-imposed fees from their wages. The Act, including its amendments, is generally set to take effect on the first day of the calendar year following its enactment.