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Everything You Need to Know About Living Wage and the Actual Real Wages

These days, the government sets up a visualized living wage for an average American which allows the companies to set the minimum wage for their employees. This visualized living wage refers to the amount of earning for every working individual that is enough to sustain a normal standard of living. For more info about the living wage, click here now!

But do you know that the living wage, as well as the real wage of every working individual, is not actually helping because while the income of most households are increasing, the real wages of most Americans are actually going down and in this article, we will provide you with more info about it.

The problem with the living wage visualized by the government and the real wage among every working individual these days is that while the wages are getting higher, the cost of living also increases. The numbers alone do not lie because if the average working individual’s wage goes higher by 2.8%, the cost of living also increases by 2.7% which automatically wipes out their earnings. Along with the inflation rate, the increase of the working individual’s wage is getting useless because they will still be wiped out with their daily consumption. The improvements are almost irrelevant because even though there is an increase in the real wage, everything remains the same. Wages are getting higher but since the cost of living is also increasing, the wages of every individual are just being used for their daily consumption.

For most people, turning into the gig economy is one of the best options available for them if they need to make ends meet given the country’s latest economical status. However, the gig economy is not really working well because most people working multiple jobs to get multiple earnings are just deceived by the psychological effect of receiving more often but the truth is, they are not really at an advantage. For instance, you could work up to three gig jobs a day and receive three different paychecks from three different companies when as a matter of fact, you can combine these three and earn the same amount in one high paying job. For instance, if you are working various jobs to get multiple wages and get as many paychecks as you can, you can actually get the same amount in just a single paycheck with just one job. If you are lucky enough, you can even end up earning more if you get one high paying job as compared to earning from various jobs and going from one shift to another in one single day. If you wish to learn more about the psychological effect in the gig economy, visit this page now for more info.

To learn more about the country’s economic status and many other things you should know of as a working individual, visit this page now for more info.