Today i had HRM(Human Resource Management) University Exam and there was one question which i had not went through during preparation... Even then i had attempted and ironically it was write.
i would like to share that question and answer with you.
define living wage?
ANS:-
Living wage
Living wage is a term used to describe the minimum hourly wage necessary for shelter (housing and incidentals such as clothing and other basic needs) and nutrition for a person for an extended period of time (lifetime). In developed countries such as the United Kingdom or Switzerland, this standard generally means that a person working forty hours a week, with no additional income, should be able to afford a specified quality or quantity of housing, food, utilities, transport, health care, and recreation.
This concept differs from the minimum wage in that the latter is set by law and may fail to meet the requirements of a living wage. It differs somewhat from basic needs in that the basic needs model usually measures a minimum level of consumption, without regard for the source of the income.
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