Top 10 Countries In The World With Highest Minimum Wage – Check out the top 10 countries with the highest minimum wage in the world.
There are over 180 countries in the world and this poses slight difficulties in finding out the countries with the best wage structures.
Due to this, minimum wages standards have become the easiest yardsticks in determining the countries with the best wage structures in the world.
- 1 What is Minimum Wage?
- 2 Do You Want to Stay Updated with the Latest?
- 3 Countries With The Highest Minimum Wages In The World.
- 4 Final Note:
What is Minimum Wage?
By minimum wage, the government fixes the lowest wages companies can pay their employees. This is very important to prevent such companies from exploiting their workers or paying them relatively meagre wages.
The criteria for determining minimum wages vary from one country to another. Some countries make use of age grades while others consider many factors including work duration and formal expertise amongst others.
While calculating a country’s wage, it is worthy to note that the final estimate doesn’t include taxes, annual leave, sick pay, employees ‘social insurance, and contributions, public holidays, and several other contributions depending on the specified country. Therefore, the minimum wage is basically regarded as the “gross amount” I.e., the actual sum before any deductions are made.
At the time of this write-up, we have compiled a list containing the top 10 countries with the highest minimum wages in the world. Owing to the fact that most of these countries are situated in Europe, it is easily admissible that Europe is the continent with the best wage structures in the world.
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Countries With The Highest Minimum Wages In The World.
It maintains the world’s highest minimum wage. As stipulated by the fair work commission under the Australian federal government, the hourly minimum wage in Australia is estimated at $18,29 which is equivalent to the weekly minimum wage of $694.90. Australia’s employees work on the award which is usually determined by an employee’s location, age, and industry he works. The stated minimum wage ($18.29 per hour) applies to Australian workers who have aged 21 and are not under award or agreement.
Is one This is the wealthiest country both in Europe and the entire world. Under the influence of political stability, economic development, and favorable national standards, Luxembourg maintains the second-highest minimum wage in the world.
Luxembourg receives the minimum wage of €1,998.59. meanwhile, a skilled worker within that age grade enjoys a 20% increase in the minimum wage. However, in the case of an underaged skilled worker (precisely an adolescent), the minimum wage is marked down by a 20% to 25% decrease.
Belgium has the third-highest minimum wage in the world. Effective as of April 1, 2013, each Belgium employee, who is 21years old or above, receives the minimum wage of $10.16 per hour. On a monthly basis, this amounts to be the minimum wage of $1,673. But for an employer who is 21 and a half years old and has spent the work of a duration of 6 months, the minimum monthly wage is slightly increased to $1,718.
Effective as of January 1, 2018, Ireland maintains the hourly minimum wage of €9.55 including sub-minimal rates for employees below the age of 18.
An employee below the age of 18 receives 70% of the official wage of €9.55 per hour while an employee receives 80% of €9.55(the minimum wage per hour) during his first year of service. in the second year, there is a 10% increase from the initial 80% wage.
France seats in the fifth position amongst the countries with the best minimum wage structures in the world. An employee in France receives a minimum wage of €9.88 per hour. On a daily basis, this amounts to the minimum wage of €1,498.47.
The Netherlands is a kingdom, across the north sea situated in the northwest of Europe. Formerly, a colony under Spain, the Netherlands became competent from the latter in the 15 century.
Alternatively, known to Holland, the Netherlands is one of the original members who founded the European Union. In 1948, the Netherlands joined forces with the duo of Luxembourg and Belgium and established the Benelux customs union. The hourly minimum wage for an employee who is 22yrs or above is €9.11. Meanwhile, this amounts to be the minimum wages of €72.83 and €364.15 daily and weekly respectively.
It is an independent dominion with membership in the commonwealth. Its territory stretches across two main islands namely south island and north island and other notable islands. New Zealand boasts of the seventh highest minimum wage in the world. Basically, workers below 16, have no regulatory minimum wage. Age 16 and 17, receives the hourly minimum wage of NZ$12.60. While 18 or above is a wage of NZ$16.50.
It is one of the countries in the central region of Europe. Considered a member of the European Union, Germany is one of the powerful countries in Europe in terms of GDP growth and technological advance. Germany official wage is fixed €8.84 per hour. But through common bargains, and companies maintain the right to set greater minimum wages. Also, bargains are legally suitable for implementation.
Canada is one of the highly developed countries in North America. In the world, Canada takes the second position amongst the largest countries. Canada is a member of the commonwealth and the two most dominant languages are English and French. Canada minimum wages vary from C$10.85 to C$14 per hour. Every Canadian territory or province decides the minimum amount it pays its workers and that is why Canada has a variable minimum wage.
#The United Kingdom.
Comprises a number of independent states, centrally organized under a monarchical ruler known as the queen of England.
The minimum wage in the united kingdom is quite elaborate as it may be subdivided into several age grades. For workers who are 19 and above in the first year of service, the hourly minimum wage is fixed at £3.50 and is applicable to the age of 16-17 also.
Underage of 18, the hourly wage is £4.05 which equals $5.05, within the age of 18-20 hourly wage is £5.60 which equals $6.99. In some cases, the age of 21-25 minimum wage is £7.05 per hour equivalent to $8.80. Lastly, the age of 25yrs or above receives an hourly minimum wage of £7.50 which equals $9.36.
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