Legally: it's fine
Morally: it's fine
Personally: it's boring then

Kinda only half joking.

Of labour goes down or the company hires someone at a lower wage, the maximum wage decreases too - for ease of enforcement everything maximum wage is calculated on the 1st of each month. Minimum wage is calculated quarterly)

For the maximum it's much easier. Your lowest paid employee (let's also throw contractors in to avoid loopholes) makes $16 an hour, current minimum wage the max they pay another other employee is $112/hr or a salary of $232k a year.

If cost of living goes up. That minimum wage goes up. If cost

(eg. Where I am it costs about $2200 for a 2 bed. We have $10/day childcare so daycare is $300 a month. Food comes to around $300, clothing another $200, transit $150, hydro $60, telecom $130, and let's say misc stuff I forgot is $500. So your pay needs to net you at least $3800 to be livable.

I believe these shouldn't be stagnant either.

Minimum wage should be what it costs for a single adult and single child with the adult working 40 hours a week to afford a 2 bedroom apartment and live comfortably.

Maximum wage in a company should be 7 times the lowest paid employees FTE wage is