Minimum Wage Standards

Minimum wage standards set the lowest amount an employer can legally pay employees for their work, ensuring a basic level of income to support living costs. These standards are usually determined by government authorities and can vary by location, industry, and economic conditions. The goal is to protect workers from exploitation, promote fair pay, and help reduce poverty. Employers must adhere to these minimums, but they can always choose to pay more. The standards balance the interests of workers, employers, and the economy, aiming for fair compensation without overburdening businesses.