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 to ensure that employees earn a basic standard of living. The minimum wage can vary by country, state, or city, and it is often adjusted over time to keep up with inflation and the cost of living. The purpose of minimum wage laws is to protect workers from being paid too little for their work. Advocates argue that a higher minimum wage can reduce poverty and improve the quality of life for low-income workers, while opponents often claim it can lead to job losses or increased prices for goods and services.