The bill proposes to gradually raise the federal minimum wage to $25 per hour for large employers, with a higher minimum for smaller businesses. It aims to link minimum wage to living costs and median wages, with a focus on large corporations leading the shift to higher wages. Tipped employees' minimum wage and tip retention are addressed, as well as penalties for violations. It seeks to establish a livable wage for all, lessen reliance on public aid, and spur economic growth. Additionally, the bill makes adjustments for young workers and those with disabilities, specifying minimum wage rates and phasing out subminimum wages. Minimum wage changes would take effect at the start of the calendar year following the bill's enactment.