Understanding Minimum Wage and Its Impacts

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9 Terms

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Minimum wage

The lowest legal wage employers can pay workers; set by the Fair Work Commission

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Social safety net

A system of welfare and protections to support low-income or vulnerable individuals

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Living wage

A wage level that enables a basic standard of living (often higher than minimum wage)

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Income inequality

The uneven distribution of income among a population; minimum wage helps reduce this

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Wage floor

A minimum legal limit on wages; prevents exploitation of workers

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Fair Work Commission

National body that sets minimum wages and conditions in Australia

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Impact of minimum wage

Can increase income for low-paid workers, but may reduce employment if too high

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Welfare dependency

Minimum wage can reduce reliance on welfare by ensuring basic income from work

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Equity vs efficiency

Minimum wage promotes equity but may reduce efficiency if it leads to job losses