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Minimum wage VS living wage Essay Example

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Minimum wage VS living wage

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Living wage regards as “the ultimate goal in wage policy”, and aims “to provide for a standard of living” that can ensure appropriate conditions for the worker and his family to live in (Ramani, 1995). Respectful medical assurance, reliable education institutions for children, measures of courtesy, comfortable accommodation and healthy nutrition involve this list. Living wage rates imply to the high level of life that seems to be convenient and available to every member of society. Such assurances provide to accumulate basic needs of a person and his/her family on a sufficient level.Moreover, “Employers that sign contracts with government agencies, or receive subsidies from them, must agree to pay the required living wage” (Sessoms, 2014). That is why local governments exploit living wage standardization to persuade people that they are entirely provided by well-paid jobs.Minimum wage represents a difference to some perspectives towards the living wage. We may define a minimum wage as the lowest wage that person need for maintaining him/herself and family in an irreducible level of livelihood (Ramani, 1995). Such rates include clothes, food and accommodation together with some medical assurance and children’s education. Usually minimum wage presents a division into federal, state and citywide minimum wage, according to which the government provides policies and state the minimal rates for people (Sessoms, 2014).Minimum wage is not enough amount of money for creating appropriate conditions for a comfortable subsistence, especially when person has a big family with children and need to provide them with care and solicitude. Government tries to provide policies on the development of this economic sphere and in movement aimed at improving of people’s life.Living wage movements has proclaimed its start since the late nineteenth century and has based on a classical paradigm of economic politics together with the correlation of neoclassical economic theory (Figart, 2004). Scholars in the field of sociology argue that capitalism plays an essential role in the formulation of living wage idea and concept. Today living wage standards preoccupy the basis of labor market salary in the world (Figart, 2004). That is why this notion is on high importance in today’s economic world.Minimum wage programs appear in United States

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preview essay on Minimum wage VS living wage
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Sociology
  • Level: Masters
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