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)|