Minimum Wage
Lowest legally allowed wage employers pay workers.
Formula
Minimum Wage × Hours Worked = Minimum Weekly Pay
Real World
When the UK National Living Wage rose to £11.44 in April 2024, retailers like Tesco faced significantly higher wage bills, prompting some to invest in self-checkout technology to offset costs.
Exam Focus
Always consider both sides: minimum wage increases raise costs for employers but boost consumer spending power — show this trade-off for evaluation marks.
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