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

A minimum wage is the lowest wage an employer can legally pay an employee for their work. In Florida, minimum wage is currently set at $8.56 per hour, as of 2021. A living wage, on the other hand, is the amount of money an individual needs to be able to afford the basic necessities of life, such as food, shelter, and medical care. The amount varies depending on the cost of living in a particular area, but it is typically higher than the minimum wage. Living wage estimates in Florida range from $10.50 to $13.45 per hour, depending on the size of the family. The main difference between minimum wage and a living wage is the amount of money and the purpose for which it is used. Minimum wage is set by the government and is often below the amount of money needed to meet basic living expenses. A living wage, however, is determined by the cost of living in a particular area and is intended to give individuals enough money to live comfortably.

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

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