Minimum wage

Updated: Aug 20, 2021

A minimum level of pay laid down by law, for workers in general or of some specified type. The intention of a miniminn wage is to guarantee living standards for the low paid and to prevent explotation. Many countries, including the UK and the US, apply minimum wage legislation.

Reference: Oxford Press Dictonary of Economics, 5th edt.

Sources & references
Risk disclaimer
James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.