I keep hearing about the minimum wage, but I’m not sure exactly what it means or how it’s set. Can someone explain what minimum wage is, who decides the amount, and whether it varies by state or country?
Minimum wage is the lowest legal hourly pay employers can pay workers. Set by federal, state, or local laws, it ensures basic income fairness. The U.S. federal minimum is $7.25/hour since 2009.
Minimum wage is the lowest amount of money that employers are legally required to pay their employees for the work they perform. It's a wage floor, ensuring workers receive a basic level of compensation. The purpose is to protect workers from excessively low pay and potentially alleviate poverty.
