Minimum Wage Policy

Minimum wage policy sets the lowest legal amount employers can pay workers per hour or period of work. Its goal is to ensure workers earn enough to cover basic living costs and reduce poverty. By establishing a wage floor, governments aim to promote fair compensation, prevent exploitation, and support economic stability. However, setting it too high might lead to fewer jobs or increased automation, while too low might not improve living standards. The policy balances protecting workers with maintaining a healthy job market and economic growth.