Minimum Wage is the lowest monthly wage earned by employees in one country. Governments of the countries determine and implement this amount.
The determination of minimum wages may vary from country to country. Generally, the criteria for determining the minimum income of a nation are:
- the social and economic situation in the country
- livelihood indexes
- the general condition of actual wages paid and the conditions of subsistence
The following map shows the Minimum Wage by European Countries.
The minimum wage, as seen in the map, shows great differences among countries. In addition to looking at the map as a map of minimum wages, you can see the development levels of countries. As a result, if the level of development of a country is high, it increases in the minimum wage.
The country with the lowest minimum quota in Europe is Ukraine with €110 while the country with the highest minimum quota is Switzerland with €3100.
In fact, there is no minimum wage in Switzerland, only the minimum wage set in the Canton of Jura and Canton of Neuchâtel. For this reason, the highest minimum wage in Europe is €1565, in the Netherlands. It is only €2 difference with Ireland and Belgium. The minimum wage in Ireland and Belgium is €1563
The Countries That Have No-Minimum Wage
- Norway: The minimum wage is to protect workers in small countries. As we know that Norway is a rich country, naturally there is no need for a minimum wage limit.
- Sweden: There is no general minimum wage in Sweden. Instead, the companies sign an agreement with the unions according to the age and experience of the worker.
- Finland: There is no fixed minimum wage for everyone in Finland. Minimum wages are set for each profession, between trade unions and employer organizations. Monthly charges are set at the hourly rate.
- Italy: There is no minimum wage in Italy. The amount paid is decided by collective agreement on a business basis.
- Denmark: There is no minimum wage in Denmark. The minimum wage is determined each year as a result of agreements with employees. Employees charge an average of $18 per hour.
Economy and the Minimum Wage
The country’s economy and wealth are proportional to the minimum wage. If a country is poor enough, it has to be very low in the minimum wage.
Without looking at the map above, we would like to list the poorest countries in Europe:
We have already said that the country with the lowest minimum wage is Romania. When we look at the other countries in the sequence, we can see that there is an individual harmony with our map.