What "minimum wage" means in finance

Minimum wage is the lowest amount of compensation that employers are legally required to pay to their employees for their labor or services. It is typically set by the government or other regulatory bodies as a means of ensuring that workers receive a fair wage that can cover their basic living expenses. Minimum wage laws are meant to protect workers from being exploited and to promote economic stability and social equity. The specific minimum wage rate varies by country, region, and industry, and is periodically reviewed and adjusted based on various economic and social factors.