In the UK there is the living wage which is $11.14 and the minimum wage which is $9.31.
The minimum wage is statutory and goes up each year with inflation. The living wage is voluntary and is calculated as what is needed to keep body and soul together. Neither figure is particularly inspiring.
Many companies now make a big noise that they are living wage employers as they see it being good for business. Oddly enough there is a reluctance to pay the living wage amongst football clubs who are the greediest businesses on this planet.
The reason that we have a minimum wage is that if we didnt then employers would pay less and leave society to pick up the tab. In a world where income disparity is widening the minimum wage needs to be higher.
Very true.
People argue that raising our minimum wage above 7.25 was going to cost millions of jobs. Places like Walmart would eliminate all sorts of jobs because they couldn't afford to pay a higher minimum wage.
In the meantime, ironically, a while back, Walmart announced they were raising their own 'minimum wage' to 9 bucks an hour.