Higher wages refers to an increase in the amount of money that workers receive as payment for their labor. This increase is typically earned through negotiations, collective bargaining, or government intervention and aims to improve the financial well-being of workers.
Related terms
Collective bargaining: Collective bargaining is a process in which representatives from a union negotiate with employers on behalf of workers to secure better working conditions, including higher wages.
Minimum wage: Minimum wage is the legally established lowest hourly rate that employers are required to pay their employees. It sets a baseline for wages and ensures that workers receive at least a certain level of compensation.
Living wage: A living wage refers to the minimum income necessary for an individual or family to meet basic needs such as food, housing, and healthcare. Unlike minimum wage, it takes into account the cost of living in specific regions.