2006-10-24 15:01:35 · 6 answers · asked by angel_rat_83 1 in Business & Finance ➔ Other - Business & Finance
"living wage" would be the wage that is determined to be a fair amount to live comforably on with everything you NEED to do that
"minimum wage" is the wage that the government determines companies must pay as a minimum amount to an employee.
In most cases (states, provinces), minimum wage is NOT enough to live on or to even provide basic necessities like rent, food, clothing - let alone taxes, necessities, education and health care costs etc.
2006-10-24 15:04:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
"Minimum wage" is the legal minimum per hour than any employer can pay an employee for work for any job (there are a few exceptions). The federal minimum wage is $5.15 per hour, although some states have set theirs higher.
A "living wage" cannot be precisely defined, but can best be described as a wage which will support a decent standard of living for a worker, meaning that on a full time job, the worker can afford an apartment, utilities, adequate food, transportation (be it a car or a bus pass), clothing, etc., and maybe one or two niceties. None of them have to be high-quality or fancy, but all must be adequate.
Everyone's perception of adequate for themselves and for others is different, and the prices of all these commodities will be higher or lower in different places, making it impossible to define a living wage.
In a low cost-of-living area, a single person could scratch out a living on $9 an hour or so; in a high cost of living area, it could be twice as much.
2006-10-24 22:08:57 · answer #2 · answered by Rochester 4 · 0⤊ 0⤋
Minimum wage is a legislative term. Living wage is the actual wage a person would need to make to live off of. Minimum is the lowest wage an employer can legally pay someone, and is usually not the living wage.
2006-10-24 22:03:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
minimum wage is the least amount of money and employer can give to an employee i think in the united states its 5.75.....living wage is the amount of money your earn that it takes to live/paybills. in a moderate sized city its about 10.00 give or take...this is what you would have to earn pr hour in a 40 hour week in order to pay, rent/housepayment, food, utilities, car payment, gas. forget any luxuries or savings.
2006-10-24 22:07:50 · answer #4 · answered by guitar_lady81 4 · 0⤊ 0⤋
It takes $16.75 cent an hour to live and our law makers who make more money than God want people to live on $5.15 hour in the USA They make quite a bit for making rules for us while their pockets are getting fat.
2006-10-24 22:13:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can't live off of minimun wage.
2006-10-24 22:08:53 · answer #6 · answered by retrodragonfly 7 · 0⤊ 0⤋