Michel et al. (Living Wage Theory)

Michel et al.’s Living Wage Theory argues that a fair wage should cover more than just basic survival needs; it should enable workers to participate fully in society and improve their quality of life. This involves considering the costs of essentials like housing, healthcare, education, and community engagement. The theory emphasizes that paying a living wage benefits both employees and employers by fostering more stable, productive workforces and reducing social inequalities. It advocates for wages that reflect the true cost of living, promoting economic justice and social cohesion.