A bill to amend the Fair Labor Standards Act of 1938 to delay for two years the increases in the minimum wage under that Act scheduled to take effect in 1980 and 1981, to provide a special minimum wage for the limited employment of youth under the age of nineteen, to broaden, the authority for the employment of full-time students at a special minimum wage, and retain the 45 percent tip credit.

Amends the Fair Labor Standards Act of 1938 to postpone for two years the increases in the minimum wage scheduled to take effect in 1980 and 1981.

Permits employers, without prior certification by the Secretary of Labor, to pay 85 percent of the minimum wage: (1) to a youth under age 19, for a 180 day period; and (2) to full-time students, with proof of enrollment at an institute of higher education, for part-time work up to 20 hours per week or full-time work during vacation periods.

Directs the Secretary to insure against specified violations of requirements for such special minimum wages for youth and students. Makes employers liable for unpaid wages and overtime compensation for such violations.

Retains the present formula, the 45 percent of the minimum wage maximum tip credit, for determining the amount of wages which an employer is deemed to have paid to a tipped employee.