A living wage is a set amount of compensation for performing work related services that meets a certain standard of living. The specific standard of living is highly subjective and tends to be determined based on the values of the organization representing the interests of the worker. Employees with a living wage are thought to have the ability to provide for their own basic needs and the needs of their families. Economic indicators, such as the local minimum wage rate or the current inflation rate, are used to help estimate the rate of compensation that meets this standard. Rapid changes in the price levels of essential goods such as fuel or healthcare costs can skew these estimates.
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