I make minimum wage at my company.  Do you feel that's fair?
Minimum wage isn't a lot of money, that's not fair. Exploitation of labour is the act of work being done for too little reward.
I think a lot of companies today like to pay too little for work.  Or hire overseas where they can pay less.
Yes that's true, local jobs are lost to overseas because of cheap labour. Cost of living is lower there that's the problem so they can work for less.
So is exploitation of labour when companies want to pay less than minimum wage for work?  I know that's illegal if they are a legitimate company.
Exploitation of labour is defined as treating ones employess unfairly for the owners benefit, it's basically when they can afford to pay you more but don't. It could still be the minimum wage rate.