Establishing a minimum wage can be necessary because of the fact that this is the sort of thing that could potentially end up ensuring that people can pay their bills as long as they work. There is often a lot of pushback against the very notion of a minimum wage, but regardless countless countries have set the lower limits to make it less likely that people would go hungry than might have been the case otherwise.
With all of that having been said and now out of the way, it is important to note that there is a lot of variation when it comes to minimum wages around the world. The country with the second highest minimum wage of all turned out to be Australia, where workers can stand to earn over $2,000 a month at a bare minimum.
Australia’s $2,022 minimum wage fell just short of Luxembourg’s $2,140, but in spite of the fact that this is the case Luxembourg has a much smaller population which makes it easier to keep these wages sustainable. Australia and Luxembourg have also increased their minimum wages by 4.7% and 9.2% respectively.
However, there are other countries out there where the minimum wage might not be all that high but it has still increased dramatically over the course of the past year. Cyprus tops the list with a whopping 104.5% increase, and Argentina comes in at a close second with 100%. This means that minimum wages in both these nations have more than doubled with all things having been considered and taken into account.
Turkey comes in at a distant third with a 32.5% increase, bringing its minimum wage up to around $457. However, Turkey’s currency, the Lira, has fallen by 40% in value, so this adjustment only serves to bring the minimum wage closer to previous levels.
In the US, minimum wage can vary from state to state. California offers the highest minimum wage of about $15.5 per hour, whereas many other states opt for the federal minimum wage of just $7.25 per hour. This makes the US one of the worst performers in terms of minimum wage.
H/T: VC / Picodi
Read next: 63% of Female Business Owners Found 2022 Exceptionally Challenging
With all of that having been said and now out of the way, it is important to note that there is a lot of variation when it comes to minimum wages around the world. The country with the second highest minimum wage of all turned out to be Australia, where workers can stand to earn over $2,000 a month at a bare minimum.
Australia’s $2,022 minimum wage fell just short of Luxembourg’s $2,140, but in spite of the fact that this is the case Luxembourg has a much smaller population which makes it easier to keep these wages sustainable. Australia and Luxembourg have also increased their minimum wages by 4.7% and 9.2% respectively.
However, there are other countries out there where the minimum wage might not be all that high but it has still increased dramatically over the course of the past year. Cyprus tops the list with a whopping 104.5% increase, and Argentina comes in at a close second with 100%. This means that minimum wages in both these nations have more than doubled with all things having been considered and taken into account.
Turkey comes in at a distant third with a 32.5% increase, bringing its minimum wage up to around $457. However, Turkey’s currency, the Lira, has fallen by 40% in value, so this adjustment only serves to bring the minimum wage closer to previous levels.
In the US, minimum wage can vary from state to state. California offers the highest minimum wage of about $15.5 per hour, whereas many other states opt for the federal minimum wage of just $7.25 per hour. This makes the US one of the worst performers in terms of minimum wage.
H/T: VC / Picodi
Read next: 63% of Female Business Owners Found 2022 Exceptionally Challenging
