Minimum wage refers to the lowest legally permissible amount of compensation that employers are required to pay their employees for their work. This hourly wage is established by legislation in many countries and is intended to ensure a basic standard of living for workers. The minimum wage can vary significantly depending on the jurisdiction, age of the worker, and specific economic conditions. Adjustments to the minimum wage are often made to reflect inflation, cost of living changes, and other economic factors. The concept aims to reduce poverty and inequality by providing a safety net for workers at the bottom of the wage scale, ensuring that all workers receive fair compensation for their labor.
The Interprofessional Minimum Wage in Spain increases by 50 euros, from 1,134 to 1,184 euros monthly, benefiting 2.5 million workers. The threshold for state unemployment benefits rises to 888 euros,…