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Meaning of minimum wage

 

 

 

Minimum wage

 

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Business glossary

 

Meaning of term minimum wage :

 

A minimum wage is lower wage limit set by a government below which the wage paid cannot fall. It is a form of minimum price and it has been argued that it may cause unemployment as there will be an excess supply of labour at the minimum wage. A National Minimum Wage was introduced in the UK with effect from 1999.

 

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Minimum wage

 

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