The Covid-19 economic shock waves have precipitated a re-evaluation of the concept
The concept of a “living wage” has gained much attention in recent years, spurred on by the economic shock waves caused by the Covid-19 pandemic. There have been many views expressed on what constitutes a living wage and how it should be calculated. Some believe it can be calculated using a few fundamental economic data points, while others believe more attention should be paid to other, non-remunerative aspects such as the number of dependents and the number of income earners per household.
Conversely, the quantitative approaches seek to create generalised formulas that are computationally easier to calculate and apply. However, they treat all individuals as equal units, and do not seek to understand individual circumstances. If we had to try to apply that to SA, there would be a number of local challenges. Some of the areas to be considered when trying to establish the needs of an individual are:Unfortunately, the local economy has a high number of dependents per salary earner with workers often assisting households beyond their own .
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