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Living Wage Definition and Explanation PDF Download

Learn Living Wage definition in hrm with explanation to study “What is Living Wage”. Study living wage explanation with HRM terms to review HRM course for online MBA programs.

Living Wage Definition:

  • One that is supposed to meet the basic needs of a worker's family.

    Human Resource Management by Robert L. Mathis, John H. Jackson



Living Wage Explanation:

A living wage is the base pay vital for a laborer to meet their essential needs. Necessities are characterized to incorporate sustenance, lodging, and other basic needs, for example, attire. The objective of a living compensation is to enable a specialist to bear the cost of an essential however fair way of life. Because of the adaptable idea of the expression "needs", there isn't one generally acknowledged proportion of what a living compensation is and all things considered it fluctuates by area and family unit type. The living pay varies from the lowest pay permitted by law in that the last is set by national law and can neglect to meet the necessities to have an essential personal satisfaction which leaves the family to depend on government programs for extra salary. Living wages, then again, have regularly just been embraced in districts. In financial terms, the living compensation is like the lowest pay permitted by law as it is a value floor for work.

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