Minimum Wage - (adjective + noun)
This refers to the lowest rate of pay that employers can legally pay their employees. Statutory minimum wages are set by laws and statutes. Collectively agreed minimum wages are stipulated by collective agreements.
Source: Adapted from Eurofound
Example of Use: The 2017 European Pillar of Social Rights set out to ensure adequate minimum wages for workers to allow them to have a decent standard of living.