France Tops Global Rankings for Highest Minimum Wage as Countries Worldwide Boost Pay Amid Inflation

France has the highest real minimum wage at $13.80 per hour. Other top countries are Australia, Germany, Luxembourg, and New Zealand.
The UK recently raised its minimum wage to £11 ($13.40) per hour, benefitting 2 million low-income workers.
Minimum wage hikes are a global trend as countries seek to relieve citizens' financial burdens amid high inflation.
Malta, Mexico, Brazil, Colombia, and Chile have the lowest real minimum wages, ranging from $1.50 to $3.70 per hour.
The UK, Mexico, Brazil, Colombia, and Chile have all recently increased their minimum wages.

qz.com

Relevant topic timeline:

8/19/2023

Wages rising faster than inflation is good news but can we sustain it?

### Summary Average wages in Britain rose at a rate of 7.8% annually between April and June, outpacing inflation of 6.8% in July. However, the long-term picture shows that workers are still no better off than they were four years ago, indicating the need for sustained pay rises to improve living standards. ### Facts - 💰 Average wages in Britain rose at a rate of 7.8% annually between April and June. - 📉 Inflation in July was 6.8%, lower than the previous month's figure of 7.9%. - ⚠️ The long-term data shows that workers are no better off than they were four years ago. - 🔒 The Bank of England is concerned about wage rises leading to inflation becoming entrenched in the economy. - 📉 The UK's productivity levels have fallen behind its peers since the financial crisis. ### Additional Information - The Bank of England and Chancellor discourage asking for higher wages, fearing a wage-price spiral. - The current UK real average weekly earnings figure is the same as it was in May 2019 and December 2010, and no better than in March 2006. - Sustained pay rises are needed for workers to improve their living standards.

8/21/2023

Real wages are down in Europe: Which countries saw the biggest fall?

### Summary Real wages in most European countries have fallen due to record-high inflation, with nominal wage growth being eroded. ### Facts - :chart_with_downwards_trend: Real hourly wages decreased in 22 out of 24 European countries between Q1 2022 and Q1 2023, primarily due to inflation exceeding nominal wage growth. - :chart_with_upwards_trend: Belgium and the Netherlands were the only countries where real hourly wages increased during this period. - :chart_with_downwards_trend: France, the UK, and Germany also experienced a decline in real hourly wages. - :money_with_wings: Nominal hourly wages increased in all 24 countries, but the inflation rate was higher, causing real wages to decrease. - :moneybag: Real wages in Europe have fallen below pre-pandemic levels in most countries, despite recent nominal wage growth. - :chart_with_downwards_trend: Cumulative change in real hourly wages between Q4 2019 and Q4 2022 ranged from -9.6% in Estonia to 7.1% in Lithuania, with 18 out of 25 countries experiencing a decline. - :briefcase: Workers in low-paying industries fared relatively better, with real wages performing better than in high-paying industries in many European countries. (Note: Some bullet points have been omitted for brevity.)

8/21/2023

Real wages are down in Europe: Which countries saw the biggest fall?

Real wages have fallen in most European countries as record-high inflation has eroded the nominal wage growth, with Hungary experiencing the largest decline of 15.6 percent, while Belgium and the Netherlands saw small increases.

9/12/2023

Real wages stop falling as pay growth matches inflation

Wage growth in the UK has caught up with rising prices, resulting in real pay no longer falling, according to official figures, although the unemployment rate has risen and job vacancies have fallen. The data will also impact the state pension, which is set to increase by 8.5% next April.

9/12/2023

UK Unemployment Rises While Pay Growth Stays High amid Inflation Concerns

The UK jobless rate rises to 4.3% as unemployment increases, but wage growth surpasses inflation, with total pay rising by 8.5% and regular pay growing by 7.8% in the May-July quarter.

Topics

Posted 10/3/2023, 6:14:16 PM

France Tops Global Rankings for Highest Minimum Wage as Countries Worldwide Boost Pay Amid Inflation

France has the highest real minimum wage at $13.80 per hour. Other top countries are Australia, Germany, Luxembourg, and New Zealand.
The UK recently raised its minimum wage to £11 ($13.40) per hour, benefitting 2 million low-income workers.
Minimum wage hikes are a global trend as countries seek to relieve citizens' financial burdens amid high inflation.
Malta, Mexico, Brazil, Colombia, and Chile have the lowest real minimum wages, ranging from $1.50 to $3.70 per hour.
The UK, Mexico, Brazil, Colombia, and Chile have all recently increased their minimum wages.

qz.com

Relevant topic timeline:

8/19/2023

Wages rising faster than inflation is good news but can we sustain it?

8/21/2023

Real wages are down in Europe: Which countries saw the biggest fall?

8/21/2023

Real wages are down in Europe: Which countries saw the biggest fall?

9/12/2023

Real wages stop falling as pay growth matches inflation

9/12/2023

UK Unemployment Rises While Pay Growth Stays High amid Inflation Concerns

The UK jobless rate rises to 4.3% as unemployment increases, but wage growth surpasses inflation, with total pay rising by 8.5% and regular pay growing by 7.8% in the May-July quarter.