Top 10 Countries With The Highest Minimum Wage 2023 - Lejit Reporters
Wages is the cash earned by an employee especially when purchased the hours worked. Minimum wage is the smallest value of payment to compensate workers or employees for workdone, wage is that the legal tender to be paid by the employer, when set below the set and acceptable standard, thehis employees may not be able to undertake the work efficiently.
Wage is often calculated on hourly, daily, weekly, monthly or yearly basis. It is usually on a monthly basis and it is enforced by law – it is presented as a worker’s total earning this is often before the removal of tax and other contributions to be payed by employee, these figures are not constant nor static because they vary from country to country.
Countries with greater economic strength determine their wage rate whilst there’s a typical wage rate set by International Labour Organization (ILO), some countries pay higher minimum wages far above the quality while most underdeveloped countries can’t meet with the quality set by the ILO.
The reasons for wage is to prevent employers cash in of or exploiting workers who are in dire need of the work , employers are mandated to pay the wage or if possible above but not below it. Wage rate is to assist workers to afford and improve their standard of living.
Minimum wages rate has its pros and cons
Pros:
1. It Gives room for country’s economic growth: Because the worker has sufficient money to spend, there’s constant income within the system and there’s increase in demand which suggests more revenue generation.
2. High Productivity: Worker’s morale is boosted. Workers are more efficient when their needs are met and they enjoy high standard of living, because the saying goes “when the workers are taken care of, they lookout of the purchasers well“.
3. Makes the labour force attractive: For the unemployed and underage the welfare of the employed makes getting employment attractive and other people begin to enhance on themselves to be ready to get employment , this results in innovative, educated and employable citizens.
4. Increases job security and worker’s retention: as employee are satisfied with the pay and their standard of living, with knowledge of the wage staff keep their job and do not go around job hunting because the standard is that the same everywhere.
5. It helps to bridge the financial gap between the employer and employee, which results in uniform community development.
Cons:
1. It has the tendency to increase the cost of living for the unemployed living in such areas.
2. Consistent with a study done by the National Bureau of Economic Research it was analyzed that experienced workers receive higher wages and are more hospitable to new job opportunities than those that are not. This means that there is a chance that wage may cause poverty and unemployment
3. Wage may cause the value of labour to become more expensive, small companies that are not ready to meet to the set standard are forced to fold up. More often than not, this will cause a rise in the number of the unemployed.
Minimum wage rates in countries are suffering from these subsequent factors such as GRDP (Gross Regional Domestic Product), Inflation, employment figures, government regulations, productivity, union bargains etc.
Top 10 Countries Where Workers Earn Highest Minimum Wage 2023
Since different countries operate with different currencies, for the aim of taking a glance at the ten countries with the very best wage 2021, we’ll use the US dollars ($) as a standard. The ten countries with the highest wage rate in 2023 are:
1. Luxembourg: A country in Europe with a Population of 625,978 people and an percentage of 6.1 percent is that the country with the very best wage rate within the world with a wage rate of $18.33 per hour, unskilled workers earn $15.53 per hour. Luxembourg features a GDP of $62.3 billion, a GDP growth of two .3 percent and a GDP per capita of $105, 280. Her share of world GDP is 0.08 percent.
2. Australia: The second country with the very best wage is Australia with a wage rate of $15.20 per hour. a rustic with a population of 25.5 million people, GDP of $1.3 trillion, GDP growth of 1.96 percent, GDP per capita of $53, 831 and an percentage of 5.9 percent. In Australia there are different wage rate which depends on age bracket and increases together gets older. Her share of world GDP is 1.64 percent. there’s a high probability of Australia taking up the planet highest wage country from Luxembourg by the top of year 2021.
3. New Zealand: New Zealand increased her wage rate in 2021 to $14.40 per hour to form it to the third place on the list. Although the above wage rate is for adult, an employee between the age of 16 and 18 need to work for the employer for a period of 6 months to earn at this rate. New Zealand features a population of 4.8 million, features a GDP of $204 billion, GDP growth of three .03 percent, GDP per capita of $43, 415. New Zealand has an percentage of 4.9 percent.
4. Germany: Germany features a wage rate of $12.55 per hour, despite the pandemic the wage rate of the country has been increasing, Germany may be a country in Western Europe with a population of 83.3 million, GDP of $3.7 trillion, GDP growth of two .22 percent and an percentage of 6.2 percent.
5. United Kingdom (UK): In most European countries the wage rate depends on your age this is often therefore the case of the uk (UK). A worker got to be above the age of 23 to earn the complete wage of $12.33 per hour, workers between the age of 21 and 22 makes $11.57 per hour while the age group of 18 to twenty earns $9.09 per hour. The uk may be a country with a population of 67.9 million people, an percentage of4. 9 percent. She features a GDP of $2.6 trillion, GDP growth of 1.79 percent, and a share of world GDP of 3.26 percent.
6. France: France is the sixth country within the world with the highest minimum wage, with a wage of $12.31 per hour, France also has the simplest wage structure. France a rustic in Western Europe with Paris as it’s capital features a population of about 63.5 million people, a percentage of 7.9 percent and a GDP of $2.6 trillion.
7. Ireland: Ireland, a rustic in Europe with a comparatively small economy, features a population of about 4.9 million people, an percentage of seven .2 percent and a GDP of $331.4 million. Ireland takes the amount 7th position in the list with a wage rate of $12.26. it’s deserve note that there are great similarities between the land law of eire which of the uk .
8. Belgium: In Belgium there is no per hour minimum wage rate but rather a monthly wage of $1953.38 with a weekly work hour of 36-40 hours. Belgium has a population of approximately 11.6 million and an unemployment rate of 5.6 percent. Note that the cost of living in Belgium is relatively low compared to most European countries.
9. Netherlands: Netherlands also known as Holland is ranked number 9 on the list with a minimum wage of $11.68 per hour. Holland has a population of about 17.1 million, GDP of $907.1 billion, GDP growth of 3.16 percent, the country of Holland has an unemployment rate of 3.6 percent.
10.Canada: With a population of around 37.7 million people, a GDP of $1.6 trillion, and a percentage of 7.5%, Canada is ranked number 10 on the list as one of the most developed countries in North America. Canada has always been in the top ten countries with the highest salary rate. Wage rates differ in Canada’s various provinces.
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