WSI: The minimum wage in Greece among lowest globally
- Written by E.Tsiliopoulos
Greece has one of the lowest minimum wages globally, according to data from the Wirtschafts-und Sozialwissenschaftliches Institut (WSI), which is cited by the World Economic Forum in an article entitled "These countries have the highest minimum wages" .
As the World Economic Forum says, the hourly wage in Australia, which is at the top, is equivalent to 9.47 euro of purchasing power, six times more than Russia worth just 1.64 euros.
On the other hand, Greece (with EUR 4 hourly wage), Brazil (less than 2 EUR) and Argentina (4.1 euros) are in the top four positions of the ranking, along with Russia.
Support for low-paid workers is a key target for governments, particularly after the financial crisis, which has aggravated social inequalities in many countries, the report said.
In Europe, the talks on raising the minimum wage with Greece are beginning debating the level of growth in early 2019, when the Spanish government has already announced the largest annual increase for 40 years since it will reach 22 %.
On the other hand, in France, under the pressure of the "yellow vests", Emmanuel Makron announced that the minimum wage would also increase.
At the same time in Australia at the top of the ranking there is tension between the Fair Labor Commission, which sets the minimum wage, and the unions that want more.
Academic studies are mixed, challenging ideas that have long been formulated that minimum wage limits lead to job cuts and less hours for workers, while harming small businesses and pushing prices upwards.
"Thirty years ago, most economists expressed their confidence in surveys that minimum wages clearly had a negative impact on jobs. This is no longer true today, "said Arindrajit Dube, an economics professor at the University of Massachusetts.
