Wage standards refer to the minimum amount of money that workers should be paid for their labor. These standards are often set by governments or organizations to ensure fair compensation for employees. They help protect workers from exploitation and ensure that everyone earns a living wage that can cover basic needs like food, housing, and healthcare. In many countries, wage standards are influenced by factors such as the cost of living, industry norms, and economic conditions. For example, minimum wage laws establish the lowest hourly pay that employers can offer. By maintaining wage standards, societies aim to promote economic stability and improve the quality of life for their workforce.