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Minimum Wage vs Living Wage
5
By: Sarahi Reyes
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Minimum Wage
Vs
Living Wage
What is a
Minimum Wage?
What is a
Minimum Wage?
Minimum wages have been defined as the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract.
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What is a
Living Wage?
What is a
Living Wage?
A living wage is defined as the minimum income necessary for a worker to meet their basic needs
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Compare and Constract
Compare
And
A living wage is the minimum income necessary for a worker to meet his or her basic needs, while federal and state minimum wages are the minimum rates that all covered employers must pay all workers.
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Economic
Impact
Economic
Impact
In general, increasing the federal minimum wage would raise the earnings and family income of most low-wage workers, lifting some families out of poverty but it would cause other low-wage workers to become jobless, and their family income would fall.