Minimum wage or a Living wage?

There’s been some talk recently about a ‘living wage’, which is where employees are paid what is needed for them to live on. The minimum wage is what the law says an employer must pay employees, even if that is below what they need to survive.

Pro:
– employees feel more valued,
– they can hold their head up without always having to hold their hand out even with a job,
– they are more loyal and have more commitment to their job and their employer,
– they not only feel more secure but they are more secure,
– training costs go down because there’s less staff turnover…

Con:
– employers’ expenses go up for staff who might not be able to perform,
_ the idea of pay rises for improved effort and productivity gets lost sight of,
_ employers say that they had to work hard on low wages to prove themselves, but those on a living wage kindof get there without proving themselves first,
_ an employee’s sense of entitlement means there is less incentive to try harder and to innovate and to be loyal…

And probably a dozen more ideas for and against.
Question:
Should the STDC have a policy of paying all its employees and contractors a living wage? It is currrently estimated at over $18 per hour.