Living Wage Summit 2024: Key Takeaways & Insights

05 May, 2025

Is a living wage a moral imperative or a shrewd business strategy? The evidence is clear: paying a living wage isn't just the right thing to do; it's a powerful catalyst for economic growth, social justice, and resilient supply chains.

The Living Wage and Living Income Summit 2024, a pivotal gathering, saw over 400 guests representing more than 250 organizations spanning the entire supply chain converge to address the pressing need for fair wages and equitable income distribution. The event served as a crucial platform to dissect the recent developments at the International Labour Organization (ILO) and anticipate the forthcoming EU reporting and supply chain regulations. These are designed to promote transparency and accountability in global labor practices.

The summit attendees, a diverse coalition of stakeholders, were offered insights into how to navigate these upcoming regulatory shifts and integrate living wage strategies within their business models. This was an opportunity for companies to get ahead of the curve.

The "Living Wage Foundation," situated at Citizens UK Head Office, Jacquard Point 1 and 3 Tapestry Way, London, E1 2FJ, and operating under charity number 020 7043 9882, plays a central role in advocating for and promoting the implementation of living wages.

Earning a living wage is more than just a paycheck; it's about ensuring a basic standard of living for a family. It allows adult wage earners to meet the fundamental costs of living each month. This concept of a living wage underscores the importance of providing workers with enough remuneration to afford a decent standard of living, not just for themselves but for their families, in the context of their local environment and the prevailing economic conditions. A "decent standard of living" is a multi-faceted concept, taking into account numerous factors.

The summit highlighted the multifaceted nature of a decent standard of living, which encompasses several key elements. While the exact components may vary based on location and individual circumstances, they generally include adequate housing, nutritious food, access to healthcare, education for children, and the ability to cover essential transportation and communication costs. These factors are critical not only for meeting basic needs but also for supporting overall well-being and participation in society.

The summit also provided updates on the IDH (The Sustainable Trade Initiative) initiative, emphasizing "better business through living wage." Attendees had the opportunity to delve into the initiative, learning how they could contribute to advancing wages, particularly in regions such as Tiruppur, a significant hub for the garment industry. The initiative aims to support wage improvements through various strategies, including data-driven assessments, supplier engagement, and the development of industry best practices.

The discussion also focused on the geographical specificity of living wages, which are based on the cost of living within a specific geographic area. This approach recognizes that the expenses associated with basic necessities vary significantly from one location to another. It underlines the importance of tailoring wage calculations to the unique economic realities of different regions to ensure that wages truly reflect the cost of living.

The summit also addressed the legal and regulatory framework governing wages, touching upon how the measures being adopted amend and add sections to the labor code. These updates reflect the evolving understanding of fair labor practices and the need for robust legal protections to ensure workers receive adequate compensation. The summit helped inform stakeholders about the upcoming changes and equip them to comply with new requirements.

Specifically, the 2025 living wage rate for employers in Buncombe County, was revealed to be $23.15/hr. However, many organizations are committed to go beyond, with a pledged living wage rate of $19/hr, with an ongoing commitment to raise wages by 3% plus inflation until the living wage for that year is met. The summit provided a platform for businesses to commit to higher wages and to explore mechanisms for long-term wage growth.

For employers in WNC (Western North Carolina) counties, excluding Buncombe, the 2025 "rural" living wage rate is $17.55/hr. This disparity underscores the geographical variations in cost of living and the need for tailored wage strategies. Participants discussed how these rates can be implemented and managed, focusing on compliance and equity.

Ensuring a living wage acts as an accelerator for achieving the Sustainable Development Goals (SDGs). A living wage directly advances several SDGs. Specifically, it has a direct impact on Goal 1: No Poverty, Goal 8: Decent Work and Economic Growth, Goal 5: Gender Equality and Goal 10: Reducing Inequalities.

The summit emphasized the importance of ensuring a living wage across the workforce, which not only reduces inequalities but also builds more resilient supply chains. By paying a living wage, businesses can improve productivity and gain numerous advantages. These advantages include reduced staff turnover and absenteeism, increased employee retention and motivation, the ability to attract new talent, and increased staff productivity.

A proposed roadmap of practical actions was presented, outlining steps to implement the forward-faster target on living wage. These actions include understanding the concept of living wage and how it relates to legal or negotiated minimum wages. The summit provided a forum for businesses to identify and address wage gaps, engage suppliers, and develop pay systems that foster social dialogue.

The fact is that over half of the global workforce are wage earners, which means wages are the primary income source for many households. The summit illuminated the significance of wages in stabilizing the economic conditions of families around the world. It also acknowledged that millions of these workers earn wages too low to afford a decent standard of living, which calls for immediate actions to implement living wage plans.

Despite mounting evidence that a living wage lifts people out of poverty and strengthens businesses, too few companies pay their workers a living wage. The summit underscored the need for greater corporate responsibility and commitment to fair labor practices. The gathering also addressed the fact that, in an age of abundance, inequality is growing for more than 70% of the global population, even in advanced economies.

Addressing low wages in supply chains is crucial to tackling the labor rights violations that impact millions of workers globally. The summit served as a platform for sharing tools, resources, and best practices for addressing these issues, which include diagnosing wage gaps, engaging suppliers, and improving pay systems that encourage positive work environments.

Drawing from the lessons of activities to promote living wages in garment and agriculture supply chains, a number of tools and resources are now available to businesses to diagnose wage gaps, engage suppliers, and support activities to improve pay systems and foster social dialogue. Participants engaged with resources and tools designed to make it easier for businesses to assess their wage practices and take appropriate steps to improve pay.

The Living Wage Foundation, located at Citizens UK Head Office, Jacquard Point 1 and 3 Tapestry Way, London, E1 2FJ, and with charity number 020 7043 9882, continues to be a key point of contact. The summit reiterated their role in promoting living wages.

However, the conference also addressed challenges. News reports indicated that Orange County Living Wage announced it would fold due to funding constraints. This event highlighted the need for sustainable funding models to ensure the long-term viability of living wage initiatives. Susan Romaine discussed the decision on 97.9 The Hill, focusing on the impact of this decision on the community and the implications for the broader living wage movement.

The living wage differs from the minimum wage in that the latter is set by national law. The minimum wage can fail to meet the requirements to have a basic quality of life, potentially leaving the family to rely on government assistance. The summit addressed these differences, highlighting the role of the living wage in providing workers with greater financial security and promoting self-sufficiency.

In economic terms, the living wage is similar to the minimum wage as it is a price floor for labor. The summit offered economic perspectives on how living wages impact labor markets, wage dynamics, and economic development. Discussions focused on the overall impacts, with considerations on how wages influence workers, employers, and the economy.

In 2020, several companies committed to ensuring that all their employees were paid a living wage, calculated according to local context and a list of criteria outlined by an independent body, such as household size and the number of average income earners. This commitment showed the growing trend of corporate responsibility, with a focus on fair wages that reflects real-world circumstances.

Chair of the coalition, UCI student and Irvine resident Luis Alemn, stated that "the initiative is now in circulation." The summit was a launching pad to share the progress of such activities. The information was shared about the impact that will come in the future.

This was partially due to minimum wage increases in the respective production countries.

The Living Wage and Living Income Summit 2024 served as a critical call to action. It provided an important opportunity to advance the agenda of fair wages. The event underlined the urgency of addressing wage inequities and explored concrete strategies for promoting economic justice and social progress.

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