Economics · Labour and Employment
Which of the following best describes the difference between a Minimum Wage and a Living Wage?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Minimum wage is linked to productivity, while living wage is fixed by the International Labour Organization (ILO) globally.
- 2Minimum wage guarantees subsistence-level income, while living wage provides for a decent standard of living including food, housing, health, and education.✓
- 3Minimum wage is a legal mandate for industrial workers only, while living wage is determined voluntarily by employers.
- 4Minimum wage ensures a worker's right to leisure, while living wage ensures access to social security and pension.
Correct answer
Minimum wage guarantees subsistence-level income, while living wage provides for a decent standard of living including food, housing, health, and education.
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