Definitions for minimum wage
min·i·mum wage

Princeton's WordNetRate this definition:0.0 / 0 votes

1. minimum wagenoun

   the lowest wage that an employer is allowed to pay; determined by contract or by law

WiktionaryRate this definition:0.0 / 0 votes

1. minimum wagenoun

   The lowest rate at which an employer can legally pay an employee; usually expressed as pay per hour.

WikipediaRate this definition:0.0 / 0 votes

1. Minimum wage

   A minimum wage is the lowest remuneration that employers can legally pay their workers—the price floor below which workers may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century.Supply and demand models suggest that there may be welfare and employment losses from minimum wages. However, if the labor market is in a state of monopsony (with only one employer available who is hiring), minimum wages can increase the efficiency of the market. There is debate about the full effects of minimum wages.The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand and Australia in the 1890s. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, and boosts morale. In contrast, opponents of the minimum wage say it increases poverty, increases unemployment because some low-wage workers "will be unable to find work...[and] will be pushed into the ranks of the unemployed" and is damaging to businesses, because excessively high minimum wages require businesses to raise the prices of their product or service to accommodate the extra expense of paying a higher wage.

WikidataRate this definition:4.0 / 2 votes

1. Minimum wage

   A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage claim it increases the standard of living of workers, reduces poverty, reduces inequality, boosts morale and forces businesses to be more efficient. Critics of the minimum wage, predominantly followers of neo-classical economic theory, contend that a minimum wage increases unemployment, particularly among workers with very low productivity due to inexperience or handicap, thereby harming less skilled workers and possibly excluding some groups from the labor market; additionally it may be less effective and more damaging to businesses than other methods of reducing poverty.

Matched Categories

1. • Wage

How to pronounce minimum wage?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

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   Zira

   US English

   Oliver

   British

   Wendy

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   Fred

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   Tessa

   South African

How to say minimum wage in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of minimum wage in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of minimum wage in Pythagorean Numerology is: 2

Examples of minimum wage in a Sentence

1. Bernie Sanders:

   It is morally reprehensible that Wall Street vulture funds are demanding that Puerto Rico fire even more teachers, close more schools, cut pensions and slash the minimum wage so that they can reap huge profits off the misery of the people of Puerto Rico.

2. Rand Paul:

   If we're talking about who's a spoiled brat or not, my two kids all work minimum-wage jobs. Do you think the Trump kids have been working at the local Pizza Hut? So I live a pretty ordinary life, and I'm not begrudging him his wealth but there's nothing about me or my family that's spoiled.

3. Annie Powell:

   We are seeing a creeping erosion of employment rights as companies misclassify their workers as self-employed so as to avoid paying them holiday pay and the national minimum wage.

4. Ben Carson:

   Every time we raise the minimum wage, the number of jobless people increases, i'm interested in making sure that people can enter the job market.

5. Sebastian Martinez Hickey:

   The fact that there’s high inflation really just underscores how necessary these minimum wage increases are for workers, even before the pandemic, there was no county in the United States where you could affordably live as a single adult at $15 an hour.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=minimum wage
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Minimum_Wage
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Minimum_Wage
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=minimum wage