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Title: Minimum Wage Around The World
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URL Source: https://www.zerohedge.com/personal-finance/minimum-wage-around-world
Published: Mar 21, 2023
Author: Tyler Durden
Post Date: 2023-03-21 09:39:11 by Horse
Keywords: None
Views: 29
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. 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. Poster Comment: The list of minimum wages by country does not copy wee. Go to source.
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