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Proposal to Shift from “Minimum” to “Living” Wages
January 3 , 2023
577 days
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- The Union Labour Ministry is currently mulling to shift from the “minimum wages” to “living wages” in a bid to bring more people from poverty in the country.
- The term “living wage” is the theoretical income level that enables an individual or a family to afford adequate shelter, food, healthcare and other basic necessities.
- It is the minimum income of that helps support a satisfactory standard of living and prevents individuals from falling into poverty.
- A living wage is defined as the minimum income necessary for workers to meet their basic necessities.
- It is different from the minimum wage, which is based on labor productivity and skill sets.
- Minimum wage is the lowest amount of money a labourer can earn as mandated by the law.
- It does not change based on inflation. It can increase only with the government intervention.
- This is not true for the living wage.
- The living wage is determined by the average cost to live comfortably, while the minimum wage is the fixed amount set by the government.
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