“Minimum Wage” refers to the lowest hourly rate of pay that employers are legally required to offer their employees. This rate is set by government regulations to ensure that workers receive fair compensation for their labor and to protect them from exploitation. Minimum wage laws vary by country and region, and they may be adjusted periodically to reflect changes in the cost of living and economic conditions.
For example, if a country establishes a minimum wage of $15 per hour, employers must pay their employees at least this amount for each hour worked. This policy aims to provide a baseline standard of living and reduce poverty among low-wage workers.
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