wage floor

Thân thiện

A new law establishes a wage floor for all workers in the city.

Definition

Noun: 1. A legally established minimum level of pay: A "wage floor" is the lowest hourly, daily, or monthly wage rate that an employer is legally permitted to pay a worker. It is a baseline set by law to prevent wages from falling below a certain standard.

Usage

The term "wage floor" is used in economic, political, and labor contexts to discuss minimum wage laws and policies. - It functions as a singular noun (e.g., the wage floor) but can be used in the plural form (e.g., wage floors) when discussing different levels or standards in multiple regions or sectors.

Examples

• The government raised the wage floor to ensure a basic standard of living for all full-time workers.
• Economists debate the impact of a high wage floor on small business employment.
• Several states have set a wage floor that is higher than the federal minimum.

Advanced Usage

• "to set/establish a wage floor": To institute a minimum wage by law or policy.
  • The new legislation aims to set a national wage floor.
• "to adjust/raise the wage floor": To increase the existing minimum wage level.
  • The committee votes annually on whether to adjust the wage floor for inflation.

Variants and Related Words

• Minimum wage: This is the most common synonym and equivalent term for "wage floor."
• Base pay: Refers to the fundamental rate of pay excluding benefits, which may be governed by a wage floor.
• Living wage: A wage that is high enough to maintain a normal standard of living, often discussed as a potential or desired wage floor.

Synonyms

• Minimum wage
• Pay floor
• Base wage

Related Concepts (Not Phrasal Verbs or Idioms)

• Wage ceiling: The opposite concept; a legally mandated maximum limit on wages.
• Subminimum wage: A wage rate allowed to fall below the standard wage floor for specific groups, such as trainees or workers with disabilities.

Học thuật

Noun

1. floor below which wages are not allowed to fall