Basic IncomeBasic Income
BonusBonus
CommissionCommission
Direct DepositDirect Deposit
Earned IncomeEarned Income
Exempt vs. Non-Exempt StatusExempt vs. Non-Exempt Status
Fringe BenefitsFringe Benefits
Gross IncomeGross Income
Gross PayGross Pay
Incentive PayIncentive Pay
Living WageLiving Wage
Merit IncreaseMerit Increase
Net IncomeNet Income
Net PayNet Pay
Pay FrequencyPay Frequency
Pay StubPay Stub
Payroll DeductionPayroll Deduction
Profit SharingProfit Sharing
Salary NegotiationSalary Negotiation
Salary SlipSalary Slip
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Living Wage

Definition

A wage that is high enough to cover basic living expenses like housing, food, and healthcare. It’s a benchmark for fair pay.

What to consider

  • Know the income needed to cover basic living expenses in your area.
  • Use it as a benchmark when evaluating job offers or raises.
  • It can serve as a goal for what constitutes a fair paycheck.

Real world scenarios

  • A local study shows many full-time workers earn below the living wage, highlighting the area’s cost of housing and food.
  • Sam negotiates a higher salary upon realizing his current pay no longer meets the living wage threshold in his city.
  • Legislators debate raising the minimum wage closer to a living wage for improved worker well-being.

Related terms

Salary Negotiation
Gross Income
Merit Increase
Pay Stub
Incentive Pay

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