An act relating to amending the Vermont basic needs budget and livable wage

This bill updates Vermont's legal definition of a livable wage and establishes a regular process for calculating basic needs budgets. It requires the Joint Fiscal Office to report these calculations annually, defining a livable wage as the hourly rate needed for a two-person household with no children to cover half their basic needs in shared housing with employer health insurance. The bill mandates that these calculations follow established methodology and be updated every six years or more often to reflect current living costs. While the report serves as an economic indicator, it is not official state guidance on wages or compensation. The changes take effect on July 1, 2024.