Tags: Minimum Wage | minimum wage | cincinnati | ohio

What's The Difference Between Minimum Wage and Living Wage in Cincinnati?

By    |   Tuesday, 09 Jun 2015 05:02 PM

Ohio's minimum wage went up 15 cents in January 2015, marking a rate of $8.10 per hour in Cincinnati and other Buckeye State cities.

The increase follows a 2006 statewide constitutional amendment that called for minimum wage in the state to rise along with the rate of inflation each year, the Cincinnati Enquirer reported.

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Ohio distinguishes between large and small companies and minimum wage rates, according to the U.S. Department of Labor. Those businesses with annual gross receipts of $297,000 or more pay the $8.10 rate while smaller companies pay $7.25 hourly, which is currently the federal minimum wage.

Still that higher figure is below the $9.27 hourly needed to provide a living wage for one adult, according to the Massachusetts Institute of Technology. Data showed an adult with one child should earn $20.05 hourly to attain a living wage, while two children increased the recommended wage to $24.30 hourly, MIT said, noting that a required annual income for one person should be $19,280 before taxes.

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Minimum wage marks the lowest pay or compensation an employee can receive by law for performing a certain job. Living wage calculates what funds are needed for someone's everyday needs, based on a number of factors including marriage, children, debt, cost-of-living, and expenses like healthcare.

The Cincinnati metropolitan area has a cost of living that is 7.1 percent below the national average according to Forbes magazine. It noted that median income is $53,331 while a median home price in the area was $133,800.

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Ohio's minimum wage went up 15 cents in January 2015, marking a rate of $8.10 per hour in Cincinnati and other Buckeye State cities.
minimum wage, cincinnati, ohio
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2015-02-09
Tuesday, 09 Jun 2015 05:02 PM
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