Who has the highest minimum wage in the world?
Minimum wages are the lowest pay a company can offer its employees without facing legal repercussions. The minimum wage is set by governments and varies from country to country. In some countries, it’s dependent on age and/or profession, while in others it’s standard across the board.
Minimum wage laws are intended to protect workers from exploitation and prevent poverty-level working conditions. They also help fight income inequality by putting more money into the hands of people who need it most. Check out this list of the countries with the highest minimum wage in the world:
The Scandinavian countries are known for their generous social benefits, like daycare and paid parental leave, and the highest minimum wage in the world is no exception.
In 2018, Sweden’s government increased their minimum wage 22% to $22 per hour. While the exact numbers vary among industries and employment types, the overall raises are comparable to the highest minimum wage in the world.
FLYHT is an aviation industry consulting firm that employs a large number of pilots worldwide. Because the job’s shifts are irregular and unpredictable, it can be challenging to set a minimum wage. Even so, Sweden’s high minimum wage makes it possible.
The Netherlands is known for its relaxed attitude and liberal culture, but it’s also one of the countries with the highest minimum wage in the world. The exact amount varies based on experience, but it’s generally a few dollars more than $20 per hour.
In the Netherlands, the government mandates that companies pay a minimum of $20 per hour with benefits. This includes healthcare, vacation time, and other standard employee perks.
This makes it easier for employees to succeed, especially in high-risk industries like aviation. By offering a higher minimum wage than normal, employers can hire less experienced workers who need the work.
Taiwan has one of the highest minimum wages in the world, at $19 per hour. The exact amount varies slightly among professions, but not by much.
Taiwan’s relatively high minimum wage is due, in part, to its high cost of living. Unlike other countries on this list, Taiwan’s economy is heavily based on agriculture.
Most of the population works in the service industry.
In Taiwan, the government sets the minimum wage at $19 per hour, which accounts for more than 50% of the average salary.
The country with the highest minimum wage in the world is Luxembourg. Here, the minimum wage is $16.80 per hour.
That’s a whopping $7.10 more than the average American minimum wage.
The small European nation is renowned for its fiscal policies and strong economy.
Luxembourg is one of the richest countries in the world, with a GDP per capita of $88,100. This makes the high minimum wage even more impressive.
The Swiss are famous for their watches and cheese, and their reputation for high-quality products extends to the minimum wage. In Switzerland, the minimum wage is $16.50 per hour.
Because the Swiss economy is so strong, the government can afford to pay its workers more than almost any other country in the world. Switzerland’s high minimum wage is in part because the cost of living is so high.
Even with the country’s high minimum wage, workers still struggle to make ends meet. Many people working in low-paying industries like hospitality rely on government subsidies to get by.
The city-state of Singapore has one of the highest minimum wages in the world at $16 per hour. The exact amount varies slightly among professions and industries.
The reason for Singapore’s high minimum wage is the same as in Switzerland: strength of the economy. Singapore is a financial powerhouse, and the government can afford to pay its workers well.
With the highest minimum wage in the world, Singapore’s economy is largely unaffected by the cost of labor.
That’s not to say Singapore’s minimum wage isn’t effective. Most people earn well above the minimum wage, and the country has virtually no poverty.
Denmark’s high minimum wage has helped make it the happiest country in the world. Even though Denmark’s minimum wage is $16 per hour, most workers earn more.
To combat income inequality, the Danish government set a high minimum wage that applies to everyone. That way, employers can’t discriminate against employees based on age or experience.
With a high minimum wage, the Danish government attempted to create a more equal society. And it worked: Denmark is one of the most equitable countries on the planet.
The small country of Belgium has a painful history with high-stakes battles, but it has no problem when it comes to paying its workers. The Belgian minimum wage is $15.75 per hour, making it one of the highest minimum wages in the world.
The reason for this high minimum wage is the country’s high cost of living.
Even though Belgium’s economy is doing well, the country struggles to keep its population employed. The unemployment rate is high—near 11%, which is good enough for 23rd place.
In an effort to help people find work, the government increased the minimum wage to $15.75 per hour.
The island nation of Japan is famous for its technology and cutlery. Not many people realize they also have one of the highest minimum wages in the world. The minimum wage in Japan is $15 per hour.
Japan’s economy relies heavily on tourism, which is why many low-paying service industry jobs are common. This makes the high minimum wage even more impressive.
Through a combination of high minimum wage and low living costs, Japan is one of the most affordable countries in the world.
Despite having the highest minimum wage in the world, the Japanese government doesn’t mandate any benefits.
The country with the highest minimum wage in the world is Austria. Here, the minimum wage is $12.50 per hour.
Austria is a wealthy European country with a strong focus on tourism. These two aspects combined make the country’s high minimum wage even more impressive.
The government mandated a high minimum wage in an effort to help low-income workers. This is especially helpful in the hospitality industry, where workers have the lowest earnings.
The countries with the highest minimum wages in the world all have something in common: strong economies. The stronger the economy, the more money the government has to spend on its citizens.
In turn, workers benefit from higher pay and better benefits.
The countries with the highest minimum wages in the world have made it a priority to take care of their workers. They recognize that people need a reliable paycheck to survive, and they’ve made it happen.
This list of countries with the highest minimum wage in the world shows that economic strength is not always the best indicator of working conditions. While the richest countries in the world are often the best places to work, the poorest ones can be great for workers.
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