Living wage and business ethics

Werner, Andrea ORCID: https://orcid.org/0000-0003-3746-7248 (2020) Living wage and business ethics. In: Encyclopedia of Business and Professional Ethics. Poff, Deborah and Michalos, Alex, eds. Springer, Cham, Switzerland. e-ISBN 9783319235141. [Book Section] (doi:10.1007/978-3-319-23514-1_1228-1)

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Abstract

The Living Wage (LW) is based on the idea that workers (and their dependents) should be able to afford a basic but decent living standard from the wages they earn. The LW is a “relative” concept as it is set by the standards of the community in which the workers live and work (Stabile 2008). It is to be contrasted with the National Minimum Wage (NMW), a “wage floor,” which stipulates the minimum pay per hour to which workers are legally entitled. NMWs are not necessarily living wages, as in many national contexts they are rather cautiously set so as to ensure affordability for businesses and not to “undermine” economic competitiveness. [...]

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