payfloor
nounUK /ˈpeɪ.flɔː/
US /ˈpeɪ.flɔːr/
The lowest amount of money a worker can be paid by law.
The new payfloor means every worker earns at least ten dollars an hour.
RELATED WORDS
OTHER MEANINGS
2. The minimum amount of money offered in a negotiation or auction.
The auction set a payfloor of one hundred dollars for the painting.
3. A guaranteed lowest payment in a contract or agreement.
The contract includes a payfloor so workers never earn less than the agreed rate.
4. The lowest level of pay within a company's salary range.
New hires usually start at the payfloor of the company's salary scale.