Living wages

What is a living wage?

A living wage is a remuneration received for a standard workweek by a worker in a particular place sufficient to cover the basic costs of living for the worker and his or her family. Living wages include the basic elements of a decent standard of living; housing, education, healthcare, food, drinking water, transportation, mobile usage, clothes, mandatory contributions & taxes, and a provision for unexpected events or emergencies.

Why pay a living wage?

If we are to achieve a real sustainable impact, respecting human rights must be a priority for public and private sector parties. According to the latest statistics of the ILO, the global working poverty rate stands at 6.9% as of 2023 (based on the World Bank’s international poverty line of $2.15 USD a day). This means that even workers who are employed full-time are unable to escape poverty. Since access to a decent standard of living is a human right, living wages and living income are priority areas that require cross-sectoral commitments.

“Living wages provide workers around the world a way out of poverty”

 

Living wages provide workers around the world a way out of poverty, which is not only beneficial to the individual and his or her family but also to strengthen local economies, foster gender equality and enhance sustainable business activities. Companies and organizations that are committed to paying a living wage can expect increased benefits in employee motivation and retention, improved reputation, and better market position.

Our living wages services

We support companies and organizations throughout their Living wage journey, from start to finish. Our experienced team can provide guidance on the services that are best suited to your organization’s objectives.

7. Baseline Living wage risk assessment
8. Living wage gap analysis
9. Implementation and remediation strategy
10. Personalized support and guidance
11. Internal capacity building through trainings and workshops
12. Comprehensive reporting

For companies that work with smallholders in their supply chains, we can conduct living income studies through local data gathering. Our global network means we have people on the ground in over 80 countries that have a good understanding of the local context. These projects are tailored to the needs and challenges of your supply chain.

Innovative solutions

We are working closely with our data experts to Peterson Technologies to enhance data utilization. Dynamic and customized dashboards facilitate data comprehension and allow us to explore cause-and-effect relationships. This way we let innovation and technology support our work and goals.