In this age of labor shortages all across the supply chain, retailers and suppliers are examining whether or not to offer higher pay, how much, and if they can afford to do it at all.
Along with employer struggles, employees are also dealing with inflation increasing nationwide, which lowers their ability to make ends meet and pay for basic necessities such as housing, food, medical care and transportation.
Paying a “living wage” is different than the set minimum wage in your area, and can be determined using this Living Wage Calculator, created by Amy Glasmeier, a professor of economic geography and regional planning at Massachusetts Institute of Technology, known as MIT.
Glasmeier is also a founding editor of the “Cambridge Journal of Regions, Economy and Society.”
“Families and individuals working in low-wage jobs make insufficient income to meet minimum standards given the local cost of living,” according to the website. “We developed a living wage calculator to estimate the cost of living in your community or region based on typical expenses. The tool helps individuals, communities and employers determine a local wage rate that allows residents to meet minimum standards of living.”
Here’s how it works: After you enter your state, region, county or metro area, the living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family.
The assumption is the sole provider is working full-time (2080 hours per year). The tool provides information for individuals, and households with one or two working adults and zero to three children. In the case of households with two working adults, all values are per working adult, single or in a family unless otherwise noted.
