Minimum wage refers to the lowest hourly wage that an employer is legally required to pay employees, as set by federal or state law. The minimum wage is intended to ensure that employees receive a fair wage for their work and is an important labor standard for protecting workers' rights.

The minimum wage varies by state and is typically updated annually to account for inflation and other economic factors. In the United States, the federal minimum wage is currently set at $7.25 per hour, but many states have set their own minimum wage rates that are higher than the federal minimum.

Employers are required by law to pay their employees at least the minimum wage for all hours worked. Some states also have minimum wage laws that require employers to pay tipped employees a minimum wage, which may be lower than the standard minimum wage.

The minimum wage is an important labor standard that helps to protect workers from exploitation and poverty. It ensures that employees receive a fair wage for their work and can support themselves and their families. Additionally, minimum wage laws can help to reduce income inequality and promote economic growth by increasing consumer spending.

Employers should ensure that they are in compliance with federal and state minimum wage laws and are paying their employees at least the minimum wage for all hours worked. Violations of minimum wage laws can result in fines, legal action, and damage to an employer's reputation.

In conclusion, minimum wage is the lowest hourly wage that an employer is legally required to pay employees, as set by federal or state law. It is an important labor standard that protects workers from exploitation and poverty and promotes economic growth. Employers should ensure that they are in compliance with minimum wage laws and are paying their employees a fair wage for their work.

‍