And there is where the subjectivity comes in... what you think is enough to survive? What is survive to you?
Now... I do believe a company that wants to succeed will compensate employees accordingly, if they want workers to stay, advance, etc... But that is still a choice of the company... In my youth I worked in a restaurant where busboys made almost twice minimum wage and still got a share of tips from the wait staff, and that was a place that was sought after for work and made a nice profit off of customers who wanted top level service... Now does a roach coach necessarily worry about that or do they worry about volume and severe cost savings?
But everything still comes down to the individual who is working for a living. You start off in a minimum wage job at 16 because you are inexperienced, unskilled, etc... and as your needs, wants, and responsibilities grow, so should your approach toward work and your career... Now SHOULD an employer be required to worry that you are a 30 year old person with 3 kids and not a teenager when you still only offer the bare minimum of skills or value?? Not really, IMHO
There will always be employers who, left to their own devices, will pay the absolute minimum they possibly can, will scrimp on safety equipment or procedures or will use substandard parts or ingredients. I'm glad I live in a place where companies have no choice but to adhere to some minimum standards. And to me, minimum wage is one more area that needs to be regulated.
That happens in a free society.. and that employer would have to weigh whether that is right for them.. whether attrition is an issue... whether a low level of customer service or productivity is worth it
How many minimum standards should there be? Does government always know and do best??? Or are you best capable of improving your own situation? Are you (as a person or company) more capable of making your own decisions and reaping the consequences of your own actions?
I think this question has implications in the world of finance today. It's been de-regulated to the point where the banks and Wall Street can do some criminally stupid things. The problem is, if they fail, they would take the world economy with them. So we have little choice but to bail them out. Where we have failed is that the guys who were responsible should have been dragged from their homes and offices and shot in the head.
A society that is constantly stuck in a dog-eat-dog mode where few prosper greatly and many fail is not a very stable one. Is that really what we want to aspire to?