The classic definition is the wage needed to cover the basic needs of the family including things like rent, childcare, transportation, etc. I would go one further and say that the family needs to not be living paycheque to paycheque. They should be able to save for the future, go out once in a while, educate their children, save and pay for university, and advance themselves. They should be able to live.
The classic definition is the wage needed to cover the basic needs of the family including things like rent, childcare, transportation, etc. I would go one further and say that the family needs to not be living paycheque to paycheque. They should be able to save for the future, go out once in a while, educate their children, save and pay for university, and advance themselves. They should be able to live.