Credit: Moorepay
Payroll and Human Resources firm Moorepay has published research which showed Luxembourg ranked third in the world for the most valuable minimum wage.
According to the firm, Luxembourg’s minimum wage of €32,445 (Intl$37,198) per year is the second highest in the European Union (EU), behind the Netherlands (1st - €29,952/$38,810). Globally, the Grand Duchy is placed third behind Australia (2nd - AUD$51,896/Intl$37,895).
To make a fair comparison, Moorepay converted the minimum wage levels for each country into international dollars (Intl$) using the Purchasing Power Parity conversion factors for each country. The international dollar is a hypothetical currency the World Bank uses to create a realistic comparison of the buying power of local currencies and reflects “the comparable amount of goods and services a US dollar would buy in the United States”.
According to Moorepay’s research, Luxembourg’s EU neighbours Germany (€26,666/Intl$36,369), Ireland (€28,080/Intl$36,055), France (€24,710/Intl$34,481) and Belgium (€25,343/Intl$34,397) place fifth, sixth, seventh and eighth respectively.
In contrast, The Gambia has the world’s least valuable minimum wage at just Intl$778, while several African nations (including Ethiopia, Eritrea, Somalia and South Sudan) have no statutory minimum wage.
Elsewhere, the US federal minimum wage ranks just 23rd globally, at $15,080 (Intl$15,080) per year.
Credit: Moorepay, https://www.moorepay.co.uk/the-ultimate-guide-to-global-minimum-wages/
