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Criterion 1: the needs of workers and their families; Criterion 2: the general level of wages in the country; Criterion 3: the cost of living and changes therein; Criterion 4: social security benefits; Criterion 5: the relative living standards of other social groups; and Criterion 6: economic factors, including the requirements of economic development, levels of productivity and the level of employment.
Now, I had heard of something called a living wage before and I was curious if it differed from the minimum wage and if so how. I learned the living wage is different and it is defined as: "At an absolute minimum, a living wage is the amount a person would need to earn to stay above the federal poverty level...
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