It is declared to be the policy of this part to:
(1) establish minimum wage and overtime compensation standards for workers at levels consistent with their health, efficiency, and general well-being;
(2) safeguard existing minimum wage and overtime compensation standards which are adequate to maintain the health, efficiency, and general well-being of workers against the unfair competition of wage and hour standards which do not provide such adequate standards of living; and
(3) sustain purchasing power and increase employment opportunities.