industry guide
Living Wage
Living wages are a vital aspect of socioeconomic well-being and a sustainable future. In fact, maintaining living wages can dramatically impact those at, or below, the poverty line in communities. This concept has been adopted by some metropolitan cities, such as Baltimore, Maryland, and other states, such as North Carolina, are seeking to reach this goal of a state-wide living wage by 2030. As inflation and other economic pressures take a toll on workers whose wages may not rise at the same level as these impacts, a living wage concept can help alleviate this social concern for employees. This guide explains the concept of living wages, what they entail, why they matter, and how they impact various aspects of our industry.
Living Wage vs. Minimum Wage – What’s the Difference?
A living wage (also called family-sustaining wage) is the pay rate that would allow a given worker or household to afford their basic needs, such as housing, food, health care and transportation without government subsidies, while federal and state minimum wages are the lowest legal pay rate that a company can offer its employees. Want to calculate your living wage rate in your state? Find out here.
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