When it comes to wages one may inquire which are the countries with the highest minimum wage in the world in 2017. Insider Monkey now has made a great compilation about this topic. I was also curious of the facts and numbers. Unfortunately my home country cannot boost regarding to high wages, salaries. At first we should clear what minimum wage is. It the lowest possible rate employers can pay employees.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked three of the countries with the highest minimum wage in the world in 2017 from their list.
The first one is United Kingdom. The United Kingdom has just recently introduced the legislation concerning minimum wage. The UK belongs to a group of European countries which have a minimum wage higher than 1000 Euros per month. The current minimum wage for persons above 25 is 7.50 GBP or 9.97 USD. This amounts to a monthly salary of 1397 Euros. This indicates a decrease in minimum wage which was 1512 Euros in January, 2016. I wonder if Brexit has something to do with this. The second country is Germany. Since the beginning of this year, the minimum wage to which workers in Germany, the next one in our list of countries with the highest minimum wage in the world in 2017, are entitled is 8.84 Euros or 10.44 USD per hour. This suggests an increase in minimum wage, which was 8.50 Euros per hour in April, 2015. Since the decision on the raise of the minimum wage was adopted only in the beginning of this year, it does not immediately apply to sectors which are covered by binding collective agreements. Some workers are yet to experience the benefits arranged by the German government. The third country on our list is Canada. It is estimated that by the end of 2017, the minimum wage in Canada that ranks 7th in our list of countries with the highest minimum wage in the world in 2017, will be 11.43 USD per hour. If compared to the minimum wage in 2010, it indicates an increase of the astonishing 23 %. The federal legislation of Canada gives the authority to its provinces and territories to draft and implement laws with regards to labour matters which also implies minimum wage. Nanavut and Yukon have the highest minimum wage, 13.0 USD per hour, while Newfoundland & Labrador has the lowest minimum wage, 10.50 USD.
For any further useful information, read Insider Monkey’s article about 11 countries with the highest minimum wage in the world in 2017.