What is a ‘living wage’?

A living wage is essentially the income level that is deemed necessary for an individual or a family to meet basic needs, such as food, housing, healthcare, and other essential expenses, without having to rely on government assistance or other forms of aid. It’s meant to ensure that workers can afford a decent standard of living in the area where they reside.

The concept of a living wage varies depending on factors like location, family size, and local cost of living. It’s often calculated based on the cost of basic necessities in a specific geographic area, rather than using a national or global average. Advocates argue that paying a living wage not only supports workers and their families but also benefits businesses and communities by reducing turnover, increasing productivity, and stimulating local economies.