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

A minimum wage job is a job that pays the minimum wage set by state or federal law. In New Mexico, the current minimum wage is $7.50 per hour. In addition to the minimum wage, some workers may be eligible for overtime pay—time-and-a-half for all hours worked over 40 in a single week. A living wage job is a job that pays a wage that is sufficient to cover the cost of living in the local area. This wage usually does not have to be the same as the minimum wage, though it may be higher in some areas. In New Mexico, the living wage for a single adult is currently $11.06 per hour. This living wage rate takes into account the cost of food, transportation, housing, utilities, healthcare, and other necessities. The difference between a minimum wage job and a living wage job is the amount of money that is earned. A minimum wage job pays the current minimum wage rate, while a living wage job pays a rate that is higher than the minimum wage and can accommodate the cost of living in an area. Having a living wage job is important because it allows an individual to adequately cover their living expenses while also achieving financial stability. Therefore, it is important for workers to consider the wage they are being offered when searching for employment.

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

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