living wage

Definition

The minimum income needed to meet basic needs in a given location, which is invariably higher than minimum wage and what entry-level positions actually pay. It's aspirational economics that HR mentions in diversity reports but rarely implements.

Example Usage

We're proud to pay living wage, defined by a think tank in a state 2,000 miles away where rent is half what our employees actually pay.

Origin

Concept dates to the late 19th century labor movements, formalized in modern context by MIT Living Wage Calculator and similar tools

Fun Fact

The living wage in San Francisco is over $25/hour, yet many companies there start administrative roles at $18-20 and wonder why they can't retain talent.

Source: Compensation philosophy and social responsibility terminology

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eula

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