Naijaquest researched the list of Countries With The Highest Minimum Wages In Europe presently. European countries are among the World’s highest paying countries when it comes to minimum wages. This is supported by the fact that most of them occupy spots in the list of countries with the highest minimum wages in the World.
Determining countries by the minimum wage are quite cumbersome; however, there is a minimum wage standard that can be employed. Minimum wage implies that the lowest amount that must be paid to an employee by a company or organization. This helps to prevent companies from paying peanuts to their employees.
Depending on the European country, minimum wage payment can be set on age or based on the experience of the employee or working duration. But which European countries occupy the first 10 positions when it comes to paying a high amount for minimum wages?
Top 10 Countries With The Highest Minimum Wage In Europe 2020
1. Luxembourg – Minumum Wage: €1,998.59
Luxembourg is the highest paying European country in the World. According to the GDP per Capita, it is one of the wealthiest countries in Europe and the World at large. It is able to maintain her position in this list due to her stabilized political system, economic development, and favorable national standards. Putting into law on the 1st of January, 2018, and unskilled employee above the age of 18 in the country is expected to receive the minimum wage of the sum of €1,5525. This sum up to €1,998.59 on a monthly basis, however, a skilled individual of the same age enjoys about twenty percent (20%) increase in the minimum wage. However, in the case of an under-aged skilled adolescent worker, the minimum wage is slashed down by a 20 percent to 25 percent decrease.
2. Belgium – Minimum Wage: $1,738
Being the second European country with the highest paying Minimum wage, Belgium also doubles as the third country with the highest minimum wage on a global view. Effective as of April 2013, every employee in Belgium who is twenty-one (21) years old or above, he or she receives a minimum wage of about $10.16 on an hourly basis. On a monthly basis, this sum to about $1,673, however, for an employee who is 21 and half years old and has spent six months working duration, the minimum wage is increased slightly to $1,718 on a monthly basis. In addition, a Belgian employee who is about twenty-two years old with a twelve-month working duration, he or she is entitled to a monthly minimum wage of about $1,738. He or she also enjoys extensive social benefits in addition to the minimum wage.
3. France – Minimum Wage: €1,498.47
France is the fourth European country that pays the highest minimum wage In addition, it is the fifth country paying the highest minimum wages in the World. On an hourly basis, an employee in France receives the minimum wage of the sum of €9.88, and this amount to about €1,498.47 on a monthly basis.
4. San Marino – Minimum Wage: €1,480
Officially the Republic of San Marino, San Marino is a country located in the Southern part of Europe completely enclosed by Italy. It is a known fact that the major contributors to the development of her economy are finance, industry, services, and tourism. In fact, the country is considered to have the most stable economy in Europe with one of the lowest unemployment rates. As of 1st of January 2014, the minimum wage in the country is fixed at €9.74 per hour. Hence, on a monthly basis, and employed citizen goes home with the sum of €1,480.
5. Ireland – Minimum Wage: €1,616
The third European country with the highest paying minimum wage is Ireland. As of 1st of January, 2018, Ireland provides an hourly minimum wage of €9.55 to employees below the age of 18. This includes sub-minimal rates. Furthermore, during the first year of service, an employee below 18 years old receives seventy percent of the official minimum wage of €9.55 per hour and an employee above the age of 18 years receives eighty percent of the official minimum wage. During the second year, however, there is a ten percent increase in the minimum wage. However, in some cases for instance training, an Irish worker receives a minimum wage ranging from 75% to 90% of the hourly official minimum wage of €9.55.
6. Netherland – Minimum Wage: €1,578
Located in the North West of Europe across the North Sea, Netherland, which is formerly a colony under Spain, is the fifth European country paying the highest minimum wage. The country is one of the original founders of the European Union. Effective as of 1st of January, 2018, the Netherland Government established a systematic minimum wage that usually depends on the number of work hours in the workweek. For those with a workweek of 40 hours, the hourly minimum wage for an employee who is 22 years old or above is €9.11. This amounts to about €1,578 on a monthly basis.
For those with lesser workweek and those within the age bracket of 15-22 years, the minimum wage is greater and varies from 30 to 85 percent of the official minimum wage respectively.
7. Germany Minimum Wage: €1,584
Located in the central region of Europe, Germany is a member of the European Union and one of the most powerful countries in the continent in terms of GDP growth and technological advancement. The country is well known for making its mark in technology by housing important auto brands including Volkswagen. As of 1st of January, 2017, the official minimum wage of the country is €8.84 per hour. However, via common bargains, companies have the right to set higher minimum wages. Such bargains are legally suitable for implementation.
8. Spain – Minimum Wage: €1,070
Officially known as the Kingdom of Spain, Spain is a country located in the Southwestern part of Europe. The capitalist form of economy in the country is the 14th largest worldwide and the 5th largest in the European Union. As of 1st of February, 2020, the minimum wage per hour in the country is €7.04. Therefore, the monthly wage for an employed citizen will be equal to €1070.
9. Slovenia – Minimum Wage: €893
The hourly minimum wage in Slovenia is €5.88. Slovenia is one of the European Countries located at the crossroads of main European cultural and trade routes. The country is well known for having a well-developed economy and is the richest of the Slavic countries by nominal GDP. On a monthly basis, the minimum wage in the country is €893.
10. Andora – Minimum Wage: €869
As of 1st of January, 2020, the minimum wage in Andora for an employed citizen is fixed at €5.72. The economy of the country has been known to be boosted by tourism. An employed citizen in the country gets about €869 on a monthly basis.
Closing from Naijaquest.com; The more developed the economy of a country is, the more the country is likely to be providing necessary needs for its citizens. Most of the countries paying the highest minimum wage have been known to have a stabilized economic situation.