Minimum Wage

Minimum wage is the lowest wage that an employer is legally required to pay to their employees for their labor. It is typically set by government legislation or regulation and varies between countries, regions, and industries. The primary objective of a minimum wage is to ensure that workers are paid a fair and reasonable wage that enables them to cover their basic living expenses, such as housing, food, and clothing. Minimum wage laws can also serve to prevent employers from exploiting workers by paying them unreasonably low wages, and to promote greater income equality and social justice. The minimum wage is usually determined by a variety of factors, including the cost of living, inflation, and the prevailing economic conditions. Critics of minimum wage laws argue that they can lead to higher unemployment rates, as employers may be less willing to hire workers at a higher wage, while supporters maintain that minimum wage laws can boost consumer spending and stimulate economic growth.