What is the legal minimum hourly rate of pay known as?

The legal minimum hourly rate of pay is known as the minimum wage. This is a legally established rate that employers are required to pay their workers for their labor. The purpose of the minimum wage is to ensure a basic standard of living for employees, protecting them from unduly low pay. The minimum wage may vary from one jurisdiction to another and can change over time based on factors such as inflation and cost of living adjustments.

In contrast, terms like "basic wage," "living wage," and "standard wage" refer to different concepts. The basic wage might not necessarily meet legal standards and could vary based on the type of job or sector. The living wage typically refers to a wage that is calculated to meet the cost of living in a specific area, which is often higher than the minimum wage. The standard wage could imply an average pay level in a certain industry, but it does not denote a minimum requirement set by law. Therefore, the term that accurately reflects the legally mandated lowest pay is minimum wage.