The goal of the living wage is to give workers enough money to pay for their fundamental needs, such as food, housing, healthcare, and transportation. It is an hourly rate of compensation that is computed based on the cost of living in a certain area.
The living wage is often determined by community groups or labour organisations and is based on a variety of factors, including the cost of housing, utilities, food, transportation, and healthcare. In contrast to the minimum wage, which is set by legislation and is frequently less than the living wage.
The purpose of the living wage is to guarantee that employees may obtain a fair income that will enable them to cover their basic expenses and maintain a respectable standard of living. Proponents claim that it can boost worker morale and productivity, lessen poverty and income inequality, and support regional economies.
The precise amount of the living wage depends on the cost of living in the area as well as other elements like family size and health. Yet, based on information about the local cost of living, several cities and states have passed living wage legislation requiring firms to pay their staff a specific hourly amount.
The living wage in Malta has not yet been formally created by law or by a specific organisation as of March 2023. However, starting of January 1, 2022, the Maltese government has established a minimum wage of €770 per month for full-time employees.
It is significant to remember that the minimum wage and the living wage are not the same. The living wage is a calculated wage that is intended to meet the essential costs of living in a specific place. The minimum wage is the lowest legal wage that employers are required to pay their employees.
Although certain organisations and advocacy groups in Malta have made attempts to set a living wage, there is currently no official living wage rate in Malta. Nonetheless, based on the cost of living in Malta, there are tools accessible online that might assist people in estimating the living wage for their particular circumstances.
There are numerous online calculators that may be used to determine the livable wage in your nation. You may want to look at the following resources:
1. The living wage rates are provided by the UK-based Living Wage Foundation for various regions in the UK and other nations. To determine the living wage in your area, use their online tool. You may find them online at https://www.livingwage.org.uk.
2. Global Living Wage Coalition: This group of organisations provide information on the living wage in many nations and regions of the world. To determine the living wage in your nation, utilise their online calculator. You can find them online at https://www.globallivingwage.org.
3. The MIT Living Wage Calculator: This online tool calculates the livable wage for various American areas and family types. You may find them online at https://livingwage.mit.edu.
4. Numbeo is a crowdsourced database that provides cost of living data for many places worldwide. You may determine the living wage for your area and compare the cost of living in various places using their online tool. https://www.numbeo.com/cost-of-living/ is the URL of their website.
It's critical to remember that living wage estimates can change based on the approach and source used. These resources can be a wonderful place to start, but it's always a good idea to carry out more investigation and speak with nearby organisations and specialists to acquire a more precise estimate for your individual case.
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