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The concept of a “living wage” is one that more U.S. employers are using to help establish wage rates capable of attracting and retaining well-qualified workers while reducing turnover. These workforce improvements, in turn, tend to produce better business results overall.

For many years, employers have considered pay rates based on various, largely qualitative measurements including “competitive pay,” “fair pay” and “good pay.” More recently, the idea of a “living wage” has provided employers with a useful new yardstick for making decisions related to wage rates.

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