Definition of Minimum Wage
What is the "minimum wage"? What is the definition of the term "minimum wage"?
Minimum wage is the lowest amount of money which an employer can pay its workers.
For instance, a government may declare that companies must pay workers a minimum of $9 per hour.
Many jurisdictions throughout the world have minimum wage laws enacted (especially in first world nations).
Minimum wage amounts vary dramatically from nation to nation.
Many people feel as though a minimum wage is necessary to protect workers (especially those with less experience and skills) from being exploited. In addition, a minimum wage is considered necessary to help keep people at or above the poverty line.
On the other hand, opponents of the minimum wage claims that it helps to inflate unemployment numbers and results in underskilled and inexperienced workers getting paid too much money at the expense of others.
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