Minimum wage

Definition

Minimum wage is the lowest legal salary that employers can pay their workers. It is set by law to ensure a basic standard of living for employees.

Related terms

Living Wage: A living wage is an estimate of the minimum income necessary for a worker to meet basic needs (food, housing, and other essentials).

Income Inequality: This refers to the unequal distribution of household or individual income across various participants in an economy.

Labor Rights: Labor rights are legal rights and protections granted to workers, including the right to safe working conditions, fair wages, and freedom to unionize