Minimum wages vary by country greatly. According to Finance.ua, the lowest monthly remuneration payable to an employee could be as low as USD 22 in Ethiopia, while in Ireland it has to be not less than USD 1,855.

How little could people actually be paid in various countries?

All amounts are calculated in USD.

• In Ukraine the minimum monthly wage from 1 September 2020 is 5000 hryvnia or USD 176.
• In Russia the minimum wage is lower: 12,130 rubles or USD 154.
• In the USA this indicator is set at $1,253, while in Britain at $1,791.
• France: $1,724.
• Germany: $1,774.

In Australia, the minimum monthly pay check for a full time employee has to be at least AUD 2,462, which is about USD 1,760, on par with Germany, Britain, or France, and higher than in the USA.

According to a study by Renaissance Capital in June 2020

National currencies fluctuate and this obviously affects calculations of salaries in order to compare. But overall, developed countries offer wages that 5-10 times higher than those in poorer regions of the world.At the same time, cost of life is also higher in developed states.

There is also an issue with average wages that are often quoted as an indicator. The estimation of average wages includes exorbitantly high salaries of corporate managers and directors, which are not typical, but they pull the numbers up.

A much better indicator is the median wage. It is the level where 50% of salaries in the country are higher and 50% are lower, and gives a much better understanding of how much an average person earns.

Read also:

• What is the average hourly wage in Russia?
• How many Ukrainians earn a wage of USD 1,000 or more?
• Minimum wage in Ukraine: Changes in 2020-2021
• How much do people earn in Russia, Ukraine, Belarus, and other countries of former Soviet Union?