Living Wage
A living wage is the minimum income necessary for a worker to meet basic needs such as food, housing, healthcare, and transportation without relying on public assistance. Unlike the minimum wage, which is often set by law, the living wage reflects the actual cost of living in a specific area. It aims to ensure that full-time workers can support themselves and their families, promoting economic stability and reducing poverty. Advocates argue that paying a living wage benefits both employees and businesses by reducing turnover and increasing productivity, while also boosting local economies.
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A living wage is the minimum income necessary for a worker to meet their basic needs, including food, housing, healthcare, and transportation, while maintaining a decent standard of living. Unlike the minimum wage, which is often set by law and might not cover these costs, a living wage reflects the actual cost of living in a specific area. It aims to ensure that people can support themselves and their families without needing government assistance, thereby promoting economic stability and reducing poverty. The concept varies by location due to differences in living costs.