What is the 'living wage' concept related to industrial workers?

The concept of a 'living wage' refers to a wage that is high enough to ensure that a worker can maintain a normal standard of living. This encompasses not just the ability to survive, but also to cover necessary expenses such as food, housing, healthcare, and other essentials that contribute to a decent quality of life. The idea is rooted in the belief that all workers deserve compensation that allows them to support themselves and their families adequately.

In contrast, a wage that is merely sufficient for basic survival might not account for the broader needs that a person has, such as education or unexpected expenses. A wage below the poverty line does not align with the living wage concept since it would leave workers struggling to meet essential needs. Finally, a wage solely based on market demand may fluctuate excessively and does not necessarily guarantee that workers earn enough to live with dignity, thus diverging from the principles that underpin the living wage concept.