Minimum wages have been defined as the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by a collective agreement or an individual contract.

Following this definition, minimum wages exist in more than 90 percent of the International Labour Organisation's (ILO) member States. The purpose of minimum wages is to protect workers against unduly low pay. They help ensure a just and equitable share of the fruits of progress to all, and a minimum living wage to all who are employed and in need of such protection. Minimum wages can also be one element of a policy to overcome poverty and reduce inequality, including those between men and women.

The discussion surrounding minimum wage legislation is multifaceted, encompassing considerations of economic impact and implications for laborers. Minimum wage laws, such as the Minimum Wages Act of 1948, aim to establish a floor for wages to protect workers from unduly low pay and ensure a fair share of economic progress. These laws play a crucial role in promoting social justice, reducing inequality, and addressing poverty by providing a minimum standard of living for workers in need of protection. Minimum wage regulations are designed to complement other social and employment policies, including collective bargaining, to enhance worker well-being and promote equitable remuneration for work performed.

In essence, the discussion on minimum wage legislation involves balancing the needs of workers for fair compensation with the economic considerations of businesses and overall market dynamics. Understanding the complexities of minimum wage laws and their effects on both the economy and laborers is essential for policymakers, businesses, and society as a whole to create a fair and sustainable labor environment.