Minimum wage is the lowest amount of money that employers are legally required to pay their workers for their labor. This wage is set by the government and can vary by country, state, or city. The purpose of minimum wage laws is to ensure that workers receive a fair income that can help cover basic living expenses. In many places, the minimum wage is adjusted periodically to keep up with inflation and the cost of living. Advocates argue that raising the minimum wage can help reduce poverty and improve the quality of life for low-income workers, while opponents often express concerns about potential job losses and increased costs for businesses.