Interestingly, Australia, Luxembourg, New Zealand, France, and the Netherlands offer the highest minimum hourly wages in the world, according to data from the German Wirtschafts-und Sozialwissenschaftliches Institut (WSI).
Where should employees move to earn the best minimum hourly wages?
The answer is Australia.
The minimum hourly wages in Australia are $ 14.14, Luxembourg $ 13.14 an hour, New Zealand $ 11.28 an hour, France $ 11.24 an hour, while the Netherlands offers $ 11.01.
The hourly rate in the United States yields the equivalent of US $ 6.63 in purchasing power, according to the report, nearly four times that of Russia, which is worth only $ 1.87 in terms of purchasing power.
What is Purchasing Power Standard (PPS)?
Purchasing Power Standard (PPS) is an artificial common reference currency unit used in the European Union that eliminates differences in price levels between countries.
Theoretically, one PPS can buy the same amount of goods and services in each country. The aggregates expressed in PPS are calculated by dividing the aggregates expressed in current prices and national currency by the purchasing power parities (PPP).
Countries with the highest minimum hourly wages in the world, 2019:
Rank Country Minimum Hourly Wages (USD) Purchasing Power Standards (USD)
Minimum hourly wages (USD)
Purchasing Power Standards (USD)