Social equity & labour
Minimum Wage
The legal floor on pay — the minimum remuneration an employer must pay, which cannot be reduced by contract or collective agreement.
Definition
The minimum wage is the minimum amount of remuneration an employer is required to pay wage earners for work performed during a given period, which cannot be reduced by collective agreement or individual contract (ILO definition). Minimum wages exist in more than 90% of ILO member states, and the Minimum Wage Fixing Convention, 1970 (No. 131) requires ratifying states to maintain machinery for setting and periodically adjusting them.
References
Overview
What it means
A minimum wage is a legal floor, not necessarily an adequate one: where it falls below the cost of living, full-time workers remain in poverty — the gap addressed by living wage campaigns. ILO guidance requires balancing workers' needs with economic factors and consulting social partners.
How it is used
Governments set statutory rates; businesses must comply across operations and (increasingly) verify compliance in supply chains; ESG frameworks track wage levels against both statutory and living-wage benchmarks.
Why it matters
Wage floors are a first line of defence against exploitation and in-work poverty, making them foundational to decent work (SDG 8) and reduced inequality (SDG 10).
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