Valuing Impact, together with the Value Balancing Alliance (VBA), has made a Global Living Wage Dataset for 2023/2024 freely available. The dataset, developed by Valuing Impact, is jointly released to maximize its accessibility and impact among businesses, investors, and other stakeholders committed to addressing wage-related impacts. VBA appreciates this valuable contribution and is integrating the dataset into its piloting efforts to advance impact accounting practices.
According to the Global Living Wage Coalition, a living wage is the remuneration received for a standard workweek by a worker in a particular place sufficient to afford a decent standard of living for the worker and her or his family. Elements of a decent standard of living include food, water, housing, education, health care, transportation, clothing, and other essential needs, including provision for unexpected events. Living wages are distinct from minimum wages, which are often insufficient and based on legal mandates, as they reflect the actual cost of living in specific regions.
The Global Living Wage Dataset includes:
- Living wage estimates for 218 countries and territories, with primary data for 103 locations.
- Wage data for 360 cities, all derived from primary data sources.
- Four wage types: typical family, standard family, single individual, and single working parent.
- Differentiation between urban and rural wages.
- A transparent methodology, aligned with international standards such as Anker & Anker (2017).
The dataset draws on public cost-of-living data from sources like Numbeo and uses a linear regression model to provide estimates for regions without direct data. This approach addresses historical barriers to accessing reliable and affordable living wage data.
Access the dataset and methodology here: https://www.impact-thinking.com/living-wage-global-dataset-2023-2024
A Gateway to Impactful Action
One of the primary objectives of this publication is to fill the existing gap for a cost-free dataset, enabling organizations of all sizes to engage with living wage practices. The dataset serves as an accessible entry point for those beginning to explore the topic. For organizations needing more advanced and granular data, we recommend additional resources such as the datasets provided by the WageIndicator Foundation.
By partnering in this release, Valuing Impact and VBA aim to democratize access to high-quality wage data, enable more organizations to assess wage-related impacts and adopt living wage benchmarks as part of their impact strategies.
For any questions, please reach out to:
Dr. Michael Verbücheln - VBA: Michael.Verbuecheln@value-balancing.com
Sam Vionnet - Valuing Impact: sv@valuingimpact.com