(a)      The General Assembly finds that wages in some occupations in the State have been insufficient to provide adequate maintenance and to protect health.

      (b)      The purpose of this subtitle is to set minimum wage standards in the State to:

            (1)      provide a maintenance level that is consistent with the needs of the population for their efficiency, general well-being, and health;

            (2)      safeguard employers and employees against unfair competition;

            (3)      increase the stability of industry;

            (4)      increase the buying power of employees; and

            (5)      decrease the need to spend public money for the relief of employees.