Editing Poverty threshold (section)

=== Living Income Concept ===
Living Income refers to the income needed to afford a decent standard of living in the place one lives. The distinguishing feature between a living income and the poverty line is the concept of decency, wherein people thrive, not only survive. Based on years of stakeholder dialogue and expert consultations, the Living Income Community of Practice, an open learning community, established the formal definition of living income drawing on the work of Richard and Martha Anker, who co-authored "Living Wages Around the World: Manual for Measurement". They define a living income as:<ref name=":0">{{cite web|title=Living Income {{!}} Living Income Community of Practice|url=https://www.living-income.com/|access-date=19 November 2020|website=livingincome|language=en}}</ref><blockquote>The net annual income required for a household in a particular place to afford a decent standard of living for all members of that household. Elements of a decent standard of living include food, water, housing, education, healthcare, transport, clothing, and other essential needs including provision for unexpected events.</blockquote>Like the poverty line calculation, using a single global monetary calculation for Living Income is problematic when applied worldwide.<ref>Guidance manual on calculating and visualizing the income gap to a Living Income Benchmark Prepared for the Living Income Community of Practice The Committee on Sustainability Assessment (COSA) and KIT Royal Tropical Institute July 2020</ref> Additionally, the Living Income should be adjusted quarterly due to inflation and other significant changes such as currency adjustments.<ref name=":0" /> The actual income or proxy income can be used when measuring the gap between initial income and the living income benchmarks. The World Bank notes that poverty and standard of living can be measured by social perception as well, and found that in 2015, roughly one-third of the world's population was considered poor in relation to their particular society.<ref>{{cite web|title=Poverty and Shared Prosperity 2020|url=https://www.worldbank.org/en/publication/poverty-and-shared-prosperity|access-date=19 November 2020|website=World Bank|language=en}}</ref>

The Living Income Community of Practice (LICOP) was founded by The Sustainable Food Lab, GIZ and ISEAL Alliance to measure the gap between what people around the world earn versus what they need to have a decent standard of living, and find ways to bridge this gap.<ref name=":0" />

A variation on the LICOP's Living Income is the [[Massachusetts Institute of Technology]]'s Living Wage Calculator, which compares the local [[minimum wage]] to the amount of money needed to cover expenses beyond what is needed to merely survive across the United States.<ref>{{cite web|title=Living Wage Calculator|url=https://livingwage.mit.edu/|access-date=19 November 2020|website=livingwage.mit.edu}}</ref> The [[cost of living]] varies greatly if there are children or other dependents in the household.