"Statutory minimum" refers to the lowest amount or level determined by law that must be followed or met. It is the minimum requirement set by a legal authority that must be complied with. Full definition
Over the next two years, several states plan to raise statutory minimum wage rates, adding to the upward pressure on wages. (blackrockblog.com)
Some bonds are required to meet certain statutory minimum requirements. (srhl-law.com)
Instead, the employee may be left with only statutory minimums, which are usually far more predictable and less expensive than what the common law provides. (canadianlawyermag.com)