What is the difference between minimum wages and life wages?
The conditions of the "minimum wage" and "life wages" are used to describe certain aspects of wages and salaries that relate to the benefits extended to employees. Some confusion about what is understood by each term must be defined by the differences between each type of wage. The minimum wage is essentially a specified amount per hour that employers are obliged to pay employees in certain classes of employment, if employees meet the qualifications of the established wage laws that apply in a given jurisdiction. On the other hand, the wage of life is the amount that the employee must earn to enjoy a fair standard of living in the set area or region.
One of the main differences between minimum wages and life wages is that the first is often firm, while the second is variable. For example, the National Government may determine the minimum wage that applies to all employees covered by applicable wage laws, and employers in all parts of The Nation must meet by payingQualified employees at least this minimum wage. With live wages, the amount needed to use a decent standard of living in some areas, such as the metropolitan areas, while the lower wage would allow the same level or standard of living in another area such as a country place.
Another difference between minimum wages and life wages is that the minimum wage is a matter of public policy, and the amount based on financial analysis under the auspices of the government. The wage of life is more subjective and is based on what households have to pay to meet the basic needs of alive in a particular location. Governments do not set life wages, although it is not uncommon that data on average living costs in different areas have a certain impact on the minimum wage for the whole country.
there are situations in which the minimum wage and life wage can be very close, as far as the actual amount is concerned. This applies in areas where living costs are relatively low. The average life wage is more often noticeably more than the current minimum wage required by law, which requires consumers who have to work for minimum wages to ensure housing arrangements that include sharing of living and expenditure with friends or relatives. When the gap between the minimum wage and the wage increases too quickly, many governments intervene in the function of the economy and often work to support the reduction of costs that slow forward movement on live wages and prevent more inequalities in the overall economy.