However, my point does not encompass all jobs, as I have been careful to caveat. As you say, "the rate at which an employer compensates for labor is based on the value of that work." And, IMO, if an employer is gaining sufficient value from a worker's labor to exceed its costs, then morally speaking, the profit should go first to employees up until the point their most basic necessities like food, shelter, and healthcare are covered. From that point, it can be split in whatever proportion they chose to agree at the outset. I think that is not only fair, but economically wise.
If an employer is not making enough value from a worker's labor to pay him more than minimum wage, then I agree that he is not morally required to pay anything else.