According to the US Bureau of Labor Statistics, 73.3 million people in the US work on an hourly basis. From that number, 247 thousand workers earn the minimum wage of $7.25 per hour. Statistics by World Population Review show Canada’s to be $9.52 per hour.
In other countries like Australia, hourly workers earn AUD 14.54. In Germany, they earn $10.68, Israel $8.17, and in the UK $11.37. Looking at these figures is important to ask yourself whether it is possible to survive on minimum wage.
An overview of the cost of living in different countries
There have been a lot of debates about the minimum wage around the world. A lot of stakeholders have been trying to answer the question is minimum wage supposed to be a living wage. The best way to answer this question is to look at the various costs of living around the world.
According to World Data, the cost of living is calculated against items such as monthly housing rent, food, utilities, education, entertainment, and commuting. People in different countries around the world experience different costs of living.
For example, in the USA, the minimum cost of living is between $1,000 to $1,500. South America and Canada are, on average, $1,200. In Germany, an earner needs a minimum of $1,002 per month.
In India, an earner pays an average of $140 in rent for a single room per month. If the person has no family, they need another $400 for other needs. The average earner in South Africa requires an average of $950 per month.
The topic has attracted heated debates in the political field across the world. A lot of students have written college essays about the topic too. When writing an argumentative essay on the subject, you may opt to support or refute.
In addition to analyzing the minimum wage, it is also useful to compare the choice between technological investments. Specifically, those that can affect productivity and financial stability. When choosing between the M2 vs M3 MacBook Air, it’s important to consider not only your needs, but also your budget. The M3 model offers improved performance with a new 3-nm processor. It delivers faster processing and better energy efficiency. Yet, if your tasks do not require the highest power, the MacBook Air with M2 is still a good choice. Because it has a great price-performance ratio. Consider your needs. Then, choose the model that best suits your day-to-day tasks. After all, you should always correlate such financial decisions with your own income level. In particular, if your earnings are based on the minimum wage.
The average earning per month based on the minimum wage
There are a lot of reasons given by experts as to why the minimum wage is so low around the world. Many of them cite the lack of skills for the average wage earner. Others say it is due to a lack of advanced education. These two schools of thought have earned a lot of criticism. Based on the world average, the minimum wage is $9.30 per hour.
If a worker works for 8 hours per day, they will earn $74.4. If they work six days per week, they will earn $446.4. In one month, they will earn $1,785.60. The person requires a lot of tricks to learn how to survive on minimum wage.
The minimum wage earner in the US earns an average of $1392. The minimum cost of living in US is $1,000 t0 $1,500. The minimum wage per month is $2,036 in the UK, $1,763 in Germany, and $318 in China. The best way to answer the question, can a worker live off on this amount is to view different situations based on country to country.
Is it possible to survive on the minimum wage?
There are different ways to look into this question. First, it depends on the country the minimum wage earner lives in. Secondly, it depends on whether the individual has a family or not.
For example, a family person earning $7.25 per hour in the US will hardly survive. An individual living alone and earning the same amount in the USA can survive but on a strict budget. An individual living in Africa and earning the same amount will survive comfortably.
It is important to consider that some countries have a minimum wage that is way below the USA standards. Regardless, the cost of living in those countries could still be low by far compared to the USA. The bigger global population survives on hourly wages. Some companies pay over $20 per hour, which provides affordable living for most people.
Conclusion
The cost of living in different countries around the world is different. There is no universal minimum wage. Different countries have their unique minimum wage figures. Whether someone can survive on the minimum wage or not depends on several factors. If the person is living alone, they might manage to survive but on a strict budget. If they have a family or dependents, they will hardly survive in most countries.
