What is minimum wage?

[niyati]

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?

 

[Gsusangrey]

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.

 

[Gaurav]

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.

 

[deepak]

Minimum wage is defined as the lowest rate of payment per hour, which employers must pay workers in accordance with the government regulations. It ensures that the employees are well compensated in relation to their work and they are safeguarded against exploitation. Depending on the country, state, age group, or type of job, rates may vary, and are periodically reviewed.

 

[nikhilrajoria]

The minimum wage is the lowest price per hour that the employers are legally allowed to pay their employees, which is determined by the federal or state law, as a way of ensuring that the workers are fairly compensated.