Interestingly, Australia, Luxembourg, New Zealand, France, and the Netherlands offer the highest minimum hourly wages in the world, according to data from Germany’s Wirtschafts-und Sozialwissenschaftliches Institut (WSI).
Where should workers move to in order to earn the best minimum hourly wage?
The answer is Australia.
The hourly minimum wage in Australia is US$14.14, Luxembourg at US$13.14 per hour, New Zealand at US$11.28 per hour, France at US$11.24 per hour, while the Netherlands offers US$11.01.
The hourly rate in the United States yields the equivalent of US$6.63 of purchasing power, according to the report, almost four times that of Russia’s, which is worth only $1.87 in purchasing power terms.
What is Purchasing power standard (PPS)?
Purchasing power standard (PPS) is an artificial common reference currency unit used in the European Union which eliminates the differences of price levels between countries.
Theoretically, one PPS can buy the same amount of goods and services in each country. The aggregates expressed in PPS are calculated by dividing the aggregates expressed in current prices and in national currency by the Purchasing Power Parities (PPP).
Countries With The Highest Minimum Hourly Wages In The World, 2019:
Rank | Country | Minimum hourly wages (USD) | Purchasing Power Standards (USD) |
---|---|---|---|
1 | Australia | 14.14 | 10.77 |
2 | Luxembourg | 13.14 | 10.67 |
3 | New Zealand | 11.28 | 8.91 |
4 | France | 11.24 | 10.45 |
5 | Netherlands | 11.01 | 10.01 |
6 | Ireland | 10.87 | 8.75 |
7 | Belgium | 10.78 | 9.91 |
8 | Germany | 10.06 | 9.75 |
9 | United Kingdom | 9.74 | 8.67 |
10 | Canada | 9.06 | 7.86 |
11 | Japan | 7.61 | 7.13 |
12 | United States | 7.31 | 6.63 |
13 | South Korea | 6.71 | 6.62 |
14 | Slovenia | 5.51 | 6.78 |
15 | Spain | 5.07 | 5.57 |
16 | Malta | 4.9 | 6.01 |
17 | Portugal | 3.97 | 4.73 |
18 | Greece | 3.86 | 4.48 |
19 | Estonia | 3.38 | 4.46 |
20 | Poland | 3.24 | 6.01 |
21 | Czech Republic | 3.16 | 4.72 |
22 | Slovakia | 3.14 | 4.64 |
23 | Croatia | 3.03 | 4.56 |
24 | Hungary | 2.92 | 4.89 |
25 | Latvia | 2.89 | 4.11 |
26 | Argentina | 2.88 | 4.73 |
27 | Turkey | 2.87 | 5.89 |
28 | Romania | 2.84 | 5.61 |
29 | Lithuania | 2.79 | 4.41 |
30 | Macedonia | 1.83 | 3.95 |
31 | Serbia | 1.8 | 3.58 |
32 | Bulgaria | 1.79 | 3.73 |
33 | Brazil | 1.43 | 1.91 |
34 | Albania | 1.17 | 2.34 |
35 | Russia | 0.94 | 1.87 |
36 | Ukraine | 0.84 | 3.45 |
37 | Moldova | 0.77 | 1.88 |
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
SUBSCRIBE NEWSLETTER
CEOWORLD magazine - Latest - Education and Career - Countries With The Highest Minimum Hourly Wages In The World, 2019