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.

ChatGPTRate this definition:0.0 / 0 votes

1. minimum wage

   Minimum wage is the lowest amount of compensation that employers are legally required to pay their workers per hour, week, or month. This is often established by labor laws of the country with the aim to protect workers from exploitation and alleviate poverty.

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

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   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. Renzo Olivari:

   At the beginning of his time as governor, Terry McAuliffe faced a state budget prepared by his Republican predecessor that did not end up having enough revenue to cover the operating expenses. Not having enough revenues to cover expenses is the definition of a deficit, thanks to Terry's strong leadership, Virginia created 200,000 good-paying jobs, created 1,100 economic development projects, and increased personal income 14%. While Glenn Youngkin will deny hardworking Virginians a $15 [per] hour minimum wage, Terry will fight to increase it by 2024 and make sure our Commonwealth has the strongest post-COVID economy in the country.

2. Tuncay Tursucu:

   The minimum wage hike could lead to increases in salaries for workers on higher pay scales. If companies don't take additional measures, costs will go up and shrink margins, companies could decrease employment or cut bonuses. Export sectors such as textiles could shift their production to other countries to avoid losing their competitive advantage.

3. Chris Covert:

   We've had a lot of good conversations at the doors and on the phones about the ad. People want to learn more about his stance on criminal justice and the $15 minimum wage. It's been a great help to us here in the last couple of weeks.

4. Jeff Weaver:

   We're raising the minimum wage to $15 an hour that will give 50% of African-American workers a raise, these are issues that are obviously important to all of America, but in many cases because of the disproportionate amount of poverty in the African-American community, many of these issues will affect this community even more strongly.

5. Di Maio:

   It went well because we have set some goals: cutting taxes, approving the law on minimum wage and getting good results for Italians.

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. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=minimum wage