Glossary

The lowest hourly, daily, or monthly wage that employers may legally pay workers, set by national or subnational law.

A higher minimum wage tier set to cover basic living costs, used in the UK for workers age 21 and older.

A lower minimum wage floor for workers who regularly receive tips, with employers required to make up the difference if tips fall short.

An economic metric that adjusts wages or GDP between countries to reflect what the money can actually buy locally.

A wage floor set separately for a specific industry through collective bargaining, used in countries without a statutory national minimum.

An automatic mechanism that adjusts minimum wage to inflation, productivity, or median wage growth without requiring new legislation.