What Is Minimum Wage? | HR Glossary | BambooHR
The lowest hourly rate an employer may lawfully pay most workers.
The minimum wage is the legal floor for pay per hour of work. It exists to protect workers from exploitation and to set a baseline standard of remuneration across the economy.
Ireland operates a National Minimum Wage that is reviewed annually, with sub-minima for certain younger workers. It is moving towards a national living wage benchmarked at a proportion of median earnings. The UK has a National Minimum Wage for younger workers and a higher National Living Wage for those at or above a threshold age. Rates change regularly, so payroll must stay current.
Employers must ensure that all pay elements counted towards the minimum comply with the rules, keep accurate records, and apply the correct age band. Underpayment can trigger enforcement action and back-pay liabilities.
