what is the living wage?
The living wage is based on the amount an individual needs to earn to cover the basic costs of living.
This is a really cool endeavor by our friends over in the UK.
1. To acknowledge that minimum wage is not enough to live off of.
2. To bring research and numbers to the table so change can occur.
3. To be a benchmark for everyday citizens to gauge their jobs and pay.
4. To bring change about not through strict enforcement but through an informed populace.
5. To bring pressure to private sector (and public sector) to reduce need of government
Something to note in the midst of this – more money doesn’t solve problems. To give someone who has been living in poverty with a day-to-day survival mentality more money doesn’t automatically change that mindset. Such a system only keeps people in cycles of poverty. It is important and necessary to champion both livable wages and how to steward that wage well. Pray for the Church to be a champion of living wage in this way.
poverty & saving
If I were to be single and lived at the poverty line for the remainder of my life, why would I save for the future?
Poverty Level Income: $11,490 [1]
Social Security benefit (after age 65): $8,652 [2]
Social Security income:$7,104 [3]
Total Income upon retirement: $15,756
When one thinks about personal finance, avoiding debt, investing in retirement, how does any of this matter to someone who is living paycheck to paycheck? It cannot be easy to have a far or high view of the future. What would Kingdom finance look like? Is it not at least what Social Security provides to the least of us?
But Jesus said, “… you give them something to eat.” They said to him, “We have only five loaves here and two fish.” And he said, “Bring them here to me.” Then … taking the five loaves and the two fish, he looked up to heaven and said a blessing. … And they all ate and were satisfied. And they took up twelve baskets full of the broken pieces left over.
Matthew 14:16-20
Sources:
[1] https://www.federalregister.gov/articles/2013/01/24/2013-01422/annual-update-of-the-hhs-poverty-guidelines
[2] https://www.socialsecurity.gov/ssi/text-benefits-ussi.htm
[3] https://www.ssa.gov/OACT/quickcalc/index.html
Note: this is all calculated for a single person in 2015 dollars. Probably have some grand assumptions as well.