Do we have any obligation to pay staff anything beyond the market rate, in order for them to receive a living wage?

“In determining fair pay both the needs and the contributions of each person must be taken into account. ‘Remuneration for work should guarantee man the opportunity to provide a dignified livelihood for himself and his family on the material, social, cultural and spiritual level, taking into account the role and the productivity of each, the state of the business, and the common good.’ Agreement between the parties is not sufficient to justify morally the amount to be received in wages.” Catechism of the Catholic Church, 2434.

“Let it be granted then that worker and employer may enter freely into agreements, and, in particular, concerning the amount of the wage; yet there is always underlying such agreements an element of natural justice, … that the wage shall not be less than enough to support a worker who is thrifty and upright.” Rerum Novarum, 63