Living Wage and Minimum Wage

Living Wage and Minimum Wage

In my research, I found out that according to Grossman, Amanda’s (August 3, 2015) article “Living Wage vs. Minimum Wage: What’s the Difference?” Grossman states that The living wage calculates area-specific living costs, including food, child care, health care, housing, transportation, and other necessities. While the minimum wage affects individual earnings, the living wage considers different household sizes, ranging from an individual to a couple with several children.

 Knowing the difference now, I feel that the “Living Wage” is more beneficial for helping families because it takes into consideration areas that will genuinely make a difference for a family that has to pay for child care, health insurance, rent, gas for the car to go to and from work, also the Living Wage takes in effect that there are so many other necessities that a family has to pay for during a year.

As Amanda Grossman (2015) stated above, the minimum wage will affect only individual earnings. I prefer the Living Wage over the Minimum Wage. I do not believe the company must pay a wage guaranteeing the right to pursue happiness for an individual and their family. Companies may have a specific budget that they are working with and have to be careful not to go over the budgets set for salaries, wages, and other benefits. If they don’t stick to a strict budget, the company can go bankrupt, and everyone will be hurt financially!

Reference

http://www.howmoneywalks.com/living-wage-vs-minimum-wage-whats-the-difference/

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To what extent is a company obligated to pay a wage guaranteeing the right to pursue happiness for the individual and their family? Is a living wage a better measure of minimum wage?