What is the difference between a minimum wage and a living wage?

The main difference between a minimum wage and a living wage is the amount of money they provide to individuals working. A minimum wage is a legally mandated wage that all employers must pay to their employees. In the state of Minnesota, the minimum wage is $7.87 per hour for non-tipped workers and $8.04 per hour for tipped workers. These wages are slightly higher than the federal minimum wage of $7.25 per hour. A living wage is a wage level that is sufficient to cover the costs of essential living expenses, such as food, housing, healthcare and other basic necessities. It is typically greater than the minimum wage. In Minnesota, the living wage is $15.86 per hour for a single adult. This figure is almost double the minimum wage. The difference between a minimum wage and a living wage is important because it highlights the need for higher wages in order to cover essential living expenses. While the minimum wage is often not enough to provide a secure living for employees, a living wage provides a better chance for individuals to comfortably support themselves and their families.

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What is the difference between a minimum wage and a living wage?

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