Minimum Wage Around The World• https://www.zerohedge.com, by Tyler Durden
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.