How to Compare a Minimum Wage & a Living Wage
The minimum wage in the U.S. is determined by both the federal and state governments. A living wage is determined by the number in a family, geographic area, and local cost of living. If a state minimum wage is higher than the federal, the state wage prevails.The purpose of the minimum wage is to raise the standard of living for the poorest population and is associated with hourly workers such as janitors, cashiers, bus drivers, and other service workers. A living wage fills the gap between a minimum wage and the actual cost of living.
Other People Are Reading
Instructions
-
Minimum Wage vs. Living Wage
-
1
Find information regarding your state's minimum wage amount. Check the federal government site for national minimum wage information. On July of 2009, the federal minimum wage was raised to $7.25.
-
2
Find the living wage for your state by searching the Internet or visiting your local library. Calculate your personal living wage requirements by adding the cost of housing, utilities, food, health care, and transportation and then dividing by 40 hours for a week or 160 hours per month.
-
-
3
Take a sheet of paper and write the minimum wage for your state. Write the living wage for your state and your required living wage. Compare the difference in the numbers to determine how you stand in regard to federal and state standards.
-
1
Tips & Warnings
Research ways to save money on food and utility costs.
Keep up to date on wage legislation in your state.
Not all states have passed a "living wage."
References
More Like This
Comments
-
Today..I needed a dentist..even with my income at $10.90..it is hard to make a living. We need a minimum standard of living wage versus a minimum wage.
