LIVING WAGE Meaning and
Definition
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Living wage is a term used to describe the minimum income that is required for an individual or a family to meet their basic needs for housing, food, healthcare, transportation, and other essential expenses, without having to rely on public assistance or government support. It is an income level that enables individuals to live a modest yet decent life and participate fully in society without experiencing financial hardship.
The concept of a living wage is based on the belief that work should provide individuals with a fair and just compensation to sustain themselves and their families. Unlike the minimum wage, which is a legally mandated wage floor set by governments, the living wage is usually determined by researchers, economists, or advocacy groups. They calculate the income necessary for an individual or a family to afford the cost of living in a specific geographic area, including factors such as average housing costs, food prices, healthcare expenses, and transportation.
The goal of a living wage is to address poverty and inequality by ensuring that individuals are paid a wage that allows them to afford their basic needs without being trapped in a cycle of poverty. Proponents argue that a living wage promotes economic stability, boosts productivity, reduces dependency on public assistance, and improves the overall well-being of workers and their families. Critics, on the other hand, raise concerns about the potential negative impact on employment rates and business competitiveness.
Common Misspellings for LIVING WAGE
- kiving wage
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- livung wage
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- livingwage
Etymology of LIVING WAGE
The word "living wage" is a compound term composed of two words: "living" and "wage".
The term "living" comes from the Old English word "lifian" which means "to be, to live". It has roots in the Proto-Germanic word "libjanan" which means "to remain, to be left". Over time, "living" came to refer to the condition or act of being alive or having life.
The term "wage" comes from the Old English word "wæge" which means "a payment for labor". It has origins in the Proto-Germanic word "wego" which means "something weighed, a weight". It initially referred to a sum of money paid to someone in exchange for their work or services.
Similar spelling words for LIVING WAGE
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