Minimum Wage Around The World: Luxembourg is Number One. Australians, Canadians, Germans and the USA most entitled after that. India lowest.

Minimum Wage Around The World The purpose of a minimum wage is to establish a baseline income level for workers in a given jurisdiction. Ideally it’s enough to cover basic needs like food and housing, but this isn’t always a guarantee. To see how the minimum wage differs around the world, Visual Capitalist’s Marcus Lu and Sam Parker have visualized data from Picodi, which includes values for 67 countries as of January 2023. Monthly Minimum Wage, by Country The following table includes all of the data used in this infographic. Each value represents the monthly minimum wage a full-time worker would receive in each country. Picodi states that these figures are net of taxes and have been converted to USD. Country Increase compared to Jan 2022 Minimum wage as of Jan 2023 (full-time, USD) Cyprus 104.5% $854 Argentina 100.0% $336 Turkey 32.5% $457 Moldova 27.1% $180 Latvia 25.8% $555 Malaysia 24.6% $289 Pakistan 24.5% $111 Romania 21.9% $393 Germany 21.2% $1,594 Belarus 18.8% $189 Lithuania 18.5% $646 North Macedonia 17.4% $298 Mexico 17.1% $315 Chile 16.9% $369 Russia 16.6% $224 Kazakhstan 16.4% $131 Colombia 16.0% $249 Hungary 15.3% $383 Netherlands 14.6% $1,895 Poland 14.3% $584 Belgium 14.3% $1,509 Serbia 14.2% $347 Estonia 14.2% $704 Azerbaijan 13.3% $186 Albania 12.9% $265 Slovenia 12.6% $896 US 12.0% $1,550 Croatia 11.9% $571 Uzbekistan 11.4% $72 Paraguay 11.4% $323 Armenia 10.3% $138 Peru 10.0% $233 Bosnia and Herzegovina 9.9% $324 Bulgaria 9.3% $315 Luxembourg 9.2% $2,140 Philippines 9.0% $141 Uruguay 8.9% $424 Brazil 8.5% $232 India 8.1% $95 Indonesia 7.9% $173 Greece 7.8% $626 Portugal 7.3% $690 UK 7.2% $1,705 Slovakia 6.9% $572 South Africa 6.6% $226 France 6.6% $1,380 Czechia 6.0% $643 Vietnam 5.7% $162 Ecuador 5.6% $407 New Zealand 5.4% $1,866 Ireland 5.1% $1,753 Canada 5.0% $1,545 Thailand 4.8% $195 Australia 4.7% $2,022 South Korea 4.6% $1,333 Taiwan 4.0% $800 Bolivia 3.9% $284 Guatemala 3.6% $383 Malta 3.1% $788 Ukraine 0.0% $146 Israel 0.0% $1,389 Puerto Rico 0.0% $1,328 Hong Kong 0.0% $959 Saudi Arabia 0.0% $958 Spain 0.0% $925 Montenegro 0.0% $459 Nigeria 0.0% $68 Luxembourg, Australia, Netherlands, New Zealand, and Ireland (around $1900) have the highest monthly minimum wage (with US 8th after Germnay and UK). Nigeria, Uzbekistan, and India have the lowest monthly minimum wage (around $70) Generally speaking, developed countries have a higher cost of living, and thus require a higher minimum wage. Two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels. Turkey is suffering from an ongoing currency crisis, with the lira losing over 40% of its value in 2021. Prices of basic goods have increased considerably as the Turkish lira continues to plummet. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food. Argentina, South America’s second-biggest economy, is also suffering from very high inflation. In response, the country announced three minimum wage increases throughout 2022. Minimum Wage in the U.S. Within the U.S., minimum wage varies significantly by state. We’ve visualized each state’s basic minimum rate (hourly) using January 2023 data from the U.S. Department of Labor. America’s federal minimum wage has remained unchanged since 2009 at $7.25 per hour. Each state is allowed to set their own minimum wage, as long as it’s higher than the federal minimum. In states that do not set their own minimum, the federal minimum applies. If we assume someone works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes. For further perspective, check out our 2022 infographic on the salary needed to buy a home across 50 U.S. cities. Tyler Durden Tue, 03/21/2023 – 05:45