Real Hourly Minimum Wages Around The World

lisamahapatra's picture
Australia might have the highest hourly minimum wage in the world, but it’s also one of the most expensive places in the world to live. $16 in Australia doesn’t buy as much stuff as it does in the U.S. When you adjust Australia’s hourly minimum wage for buying power, or Purchasing Power Parity (PPP), that $16 is worth only about $9.77 -- which is still quite a bit higher than the U.S. hourly minimum wage of $7.25. The country with the highest “real” minimum wage is Luxembourg: $10.37 after being adjusted for PPP. Only nine countries had a higher real minimum wage than the U.S.’, according to OECD data.




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Adjusting for purchasing power parity: Real Minimum Wages Once you factor in buying power and cost of living, Australia's $16 minimum wage -- the highest in the world -- isn't actually as good as it sounds. Here's a comparison of the hourly minimum wage in 26 countries, adjusted for purchasing power parity: $7.59 Canada Actual min. wage $9.75 $7.25 United States $0.80 Mexico min. wage $0.55 $2.80 Chile Actual min. wage $2.15 $4.86 South Korea min. wage $3.98 $3.95 Turkey min. wage $2.69 $4.88 Israel min. wage $5.69 $6.29 Japan min. wage $9.24 $9.77 Australia min. wage $16.00 $8.17 New Zealand min.wage $10.73 Key: Lower adjusted minimum wage than the U.S. $10 $5 $1 Higher adjusted minimum wage than the U.S. $8.24 United Kingdom min.wage: $9.38 $3.04 Czech Rep. min. wage: $2.15 $2.53 Estonia min. wage: $2.06 $9.25 Netherlands min. wage: $10.47 $8.97 Ireland min. wage: $10.93 $4.19 Poland min. wage: $2.56 $6.50 Austria min. wage: $7.23 $9.46 Belgium min. wage: $10.99 $3.19 Slovak Rep. min. wage: $2.38 $3.83 Portugal min. wage: $3.49 $6.12 Slovenia min. wage: $5.50 $3.47 Hungary min. wage: $2.42 $4.55 Spain min. wage: $4.63 $10.17 France min. wage: $11.73 $10.37 Luxembourg min. wage: $13.35 $4.28 Greece min. wage: $4.28