Figuring a living wage

Since 1994, this local bank has annually calculated the base wage on which to live a reasonable life in Ithaca, NY and area. For 2011, that hourly rate is $$24,271.50 annually or $11.67/hour for a full-time worker.

There are now more than 70 employers in the area which pay a living wage and which can proudly display their Certified Living Wage Employer certificate.

According to Leni Hochman, Chief Operations Officer of Alternatives Federal Credit Union: When people are paid enough to support themselves, they no longer need to rely on public assistance in the form of housing subsidies, medical assistance, food stamps and welfare, which are paid for in everyone’s taxes.

People earning a Living Wage pay more taxes and buy more goods and services in the local economy. Recent economic research concludes that there is little or no job reduction associated with wage increases, and the benefits far outweigh any negative consequences.

How about it, Salem? Which financial institution would take on this role in the mid-Willamette Valley?