fairadjective \ˈfer\ : agreeing with what is thought to be right or acceptable
: treating people in a way that does not favor some over others
When talking about wages, workers always need to consider two things:
Your wages are only relevant in relation to your "cost-of-living."
Your "standard-of-living" is determined by the relationship of your wages to your "cost-of-living."
It's all about the politics and economics of livelihood.